Category Archives: Recent Sales

Maryland based ASB Capital Adds 989 Market Street to Portfolio

Address: 989 Market St, San Francisco, CA

Seller:   Harbert Management Corp

Buyer:   ASB Real Estate Investments (ASB Capital Management)

RBA SF: 111,497 SF building

Lot size: 0.38 AC (16,552 SF)

Selling price: $61,250,000 ($549.34/SF )

Type:   Class A Office

989 Market Street is located near the intersection of Market Street and 6th Street in San Francisco’s Mid-Market corridor. Completed in 1908, this historic, six-story office building underwent renovations from 2011 to2013 and is 94 percent occupied. Current tenants include two industry-leading technology companies, Zendesk and Zoosk, and the ground floor retail space is occupied by national retailer Blick Art Supplies.

Cornerstone RE Advisers Purchases New Montgomery Tower for $148M

Address: 33 New Montgomery St, San Francisco, CA

Seller:   Blackstone Group/Crescent Real Estate Equities (joint venture)

Buyer:   Cornerstone Real Estate Advisers LLC

RBA SF: 240,134 SF building

Lot size: 0.39 AC (16,771 SF)

Selling price: $148,900,000 ($620.07/SF )

Type:   Class A Office

According to Cornerstone’s website, they are located in Hartford, Connecticut and are an indirect subsidiary of the Massachusetts Mutual Life Insurance Company.  The building was 95% occupied at the time of sale to tenants such as Detecon, Progress Investment Management, the Office of the General Counsel, and US Customs.

TIAA-CREF Buys Menlo Park Office Building for $50M

Address:   200 Middlefield Road, Menlo Park, CA

Seller:   Menlo Equities

Buyer:   TIAA-CREF

RBA SF: 41,466 SF

Lot size: 2.04 AC (88,862 SF)

Selling price: $50,025,000 ($1206.41/SF)

Type:   Office

This is one of the highest $/SF deals that has occurred, showing that institutional investors are willing to set the high water mark with the amount of competition in the market.  The property was fully renovated in 2013 and was 100% leased at time of sale.

Terreno Acquires Three Building Investment Portfolio

Address:   2054-2070 Burroughs Ave, San Leandro, CA

Seller:   Service West, Inc.

Buyer:   Terreno Realty Corp.

RBA SF: 129,000 SF (Total 3 buildings)

Lot size: 5.98 AC (260,488 SF)

Selling price: $13,300,000 ($103.10/SF)

Type:   Industrial-Warehouse

The properties were 100% leased at the time of sale and had an estimated cap rate of 5.3%.

Kidder Mathews Assists Buyer in Purchasing San Jose Industrial

Address: 625 North King Road, San Jose, CA

Seller:   North King Limited

Buyer:   Kalyan Properties

RBA SF: 42,500 SF building

Lot size: 1.80 AC (78,408 SF)

Selling price: $3,612,500 ($85.00/SF on land)

Type:   Industrial-Warehouse

Kidder Mathews Assists Printing Company in Purchasing Burlingame Building

Address: 858 Hinckley Road, Burlingame

Seller:   Sheet Metal Workers Local #104

Buyer:   Essence Printing

RBA SF: 13,572 total

Lot size: 0.99 AC (43,124 SF)

Selling price: $3,121,560 ($230.00/SF)

Type:   Industrial – Manufacturing

This was expansion space for the buyer who does printing and needed heavy power.

Kidder Mathews Assists Exchange Buyer in Burlingame Land Purchase

Address: 40 Edwards Court, Burlingame, CA

Seller:   RILCO-Edwards, LLC

Buyer:   North First Street Properties Management LLC

RBA SF: 11,000 SF building

Lot size: 3.53 AC (153,766 SF)

Selling price: $6,800,000 ($44.22/SF on land)

Type:   Land Investment

The purchaser was in a 1031 exchange.  The property is leased to several parking clients.

San Jose Home Depot Trades for $15M

Address: 635 West Capitol Expressway, San Jose, CA

Seller:   HDSJ, LLC

Buyer:   1988 Fiore Living Trust

RBA SF: 122,265 total

Lot size: 11.43 AC (497,891 SF)

Selling price: $$15,575,000 ($127.38/SF)

Type:   NNN Investment – Retail

This investment had 22 offers submitted from a variety of 1031 exchange buyers.  This transaction represents a 3.77% cap rate.

Valley Mechanical Purchases San Jose Office Building

Address: 1180 Coleman Ave, San Jose, CA

Seller: Joan Raznatovich

Buyer: The Lighthouse Family Trust dba “Valley Mechanical”

RBA SF: 10,1620 total

Lot size: 0.47 AC (20,639 SF)

Selling price: $1,650,000 ($146.62/SF)

Type: Class C Office

Owner/User purchase.

Paper Company Wraps up an Industrial Purchase in Union City

Address:   2975 Volpey Way, Union City, CA

Seller:    Citrus Coast Distributors

Buyer:   P&R Paper Supply Company

RBA SF:  60,080 total

Lot size:  2.90 AC (126,324 SF)

Selling price:  $5,500,000 ($91.54/SF)

Type:  Industrial-Warehouse

The building features seven loading docks with four Kelley Load levelators, heavy power, clear heights of 24 feet, fire sprinklers and skylights.   This was an owner/user purchase.

Follow

Get every new post delivered to your Inbox.

Join 177 other followers