Category Archives: Recent Sales
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.
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.
Address: 200 Middlefield Road, Menlo Park, CA
Seller: Menlo Equities
RBA SF: 41,466 SF
Lot size: 2.04 AC (88,862 SF)
Selling price: $50,025,000 ($1206.41/SF)
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.
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)
The properties were 100% leased at the time of sale and had an estimated cap rate of 5.3%.
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)
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.
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.
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.
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
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)
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.