Category Archives: Recent Sales

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.

Kidder Mathews Assists in Sale of Milpitas Industrial

Address:   311 Turqoise Street, Milpitas, CA

Seller:    Stanley Deck

Buyer:   Lenthor Engineering

RBA SF:  55,414 total

Lot size:  3.56 Acres (155,073 SF)

Selling price:  $4,308,438 ($77.75/SF)

Type:  Industrial-Warehouse

The property was sold to an owner/user.  The property had multiple upgrades including TPO Reflective Roof, air products nitrogen pipeline on-site, and multiple equipment pads.

201 Spear St, San Francisco Trades for $121 Million

Address:   201 Spear Street, San Francisco, CA

Seller:    Cornerstone Real Estate Advisors, Inc.

Buyer:   KBS Real Estate Investment Trust III

RBA SF:  246,563 total

Lot size:  0.87 Acres (37,897 SF)

Selling price:  $121,000,000 ($490.75/SF)

Type:  Class A Office

The property is approximately 80% occupied.

Invesco Pays Large Number for South San Francisco Warehouse

Address:   1070 San Mateo Ave, South San Francisco, CA

Seller:    Angelo Gordon & Co.

Buyer:   Invesco Real Estate

RBA SF:  453,051 total

Lot size:  19.50 Acres (849,420 SF)

Selling price:  $122,000,000 ($269.28/SF)

Type:  Industrial – Warehouse

This former GSA building was purchased by Angelo Gordon and then completely renovated after they signed a long term lease with FedEx.  They are in the process of completing an approximately 9,000 SF new construction retail space along San Mateo Ave as well.

This represents one of the largest transactions of an industrial building in the north peninsula in quite a while.  It shows how valuable infill locations in our market are, especially from a price per square foot perspective.  Of course it helps to have a credit tenant such as FedEx in toe; however, this is still a big number and shows another sign of confidence in the area.

Kidder Mathews Assists Purchaser in $17M Flex R&D Building

Comp Details:

Address:   90 East Tasman Drive, San Jose, CA

Seller:    Ingber, Ingber, Griffin Trust

Buyer:   Market Street Capital Investors

RBA SF:  96,154 total

Lot size:  4.02 Acres (175,111 SF)

Selling price:  $17,000,000 ($176.80/SF)

Type:  Industrial – Flex R&D

This was a net leased investment, currently leased to Palmer College of Chiropractic.  They have 7 years remaining on their current lease.  The property recently underwent $1M in renovations.

Swift Realty Purchases Sunnyvale Flex Buildings for $30M

Comp Details:

Address:   1265 and 1272 Borregas Ave, Sunnyvale, CA

Seller:    Rockpoint Group/Embarcadero Capital Partners

Buyer:   Swift Realty Partners

RBA SF:  163,374 total

Lot size:  8.78 AC (382,457 SF)

Selling price:  $30,000,000 ($183.63/SF) est.

Type:  Industrial – Flex

They were purchased vacant.

Jamestown Acquires Famed Ghirardelli Square In San Francisco

CRE Investment Firm to Reposition, Restore Historic Landmark

By Randyl Drummer
Investment and management firm Jamestown has acquired the famous Ghirardelli Square property near the waterfront at San Francisco’s Fisherman’s Wharf district.

Jamestown acquired the 12-building, 100,394-square-foot lifestyle and entertainment retail complex at 900 North Point Street for an undisclosed sum, according to a Jamestown release. The previous owner was Golden Gate Capital, a privately held investment company.

The retail portion of the asset was 55% leased at the time of sale and includes the Ghirardelli Square Chocolate Company’s U.S. flagship location and numerous boutique shops and restaurants.

The historic property is among a handful of San Francisco sites – including Coit Tower, the Transamerica Pyramid, the Painted Lady Victorian houses in Haight Ashbury, and of course, the Golden Gate Bridge — associated instantly almost worldwide with the City By the Bay.

Ghirardelli Square encompasses 12 distinct buildings bounded by North Point, Beach, Polk, and Larkin streets. The property also includes a 10-level, 283-space subterranean parking garage, and a separate two-level above-grade parking structure located across from the complex.

COO Michael Phillips noted that of the 16.5 million visitors annually to San Francisco, about three-quarter visit the wharf area.

Ghirardelli Square’s original structures were built over a 100-year period beginning in 1864. They were retrofitted and significantly updated between 1966 and 2009. The square was an early example of adaptive reuse in the 1960s when prominent San Francisco businessman William M. Roth bought the site to prevent it from being torn down and replaced with apartments.

Read entire Costar article here.

TMG Partners, Fortress Buy Cisco Complex

By Natalie Dolce (GlobeSt.com)

SAN FRANCISCO-  GlobeSt.com has learned that while sources involved could not disclose a sales price, an unidentified industry source tells us that TMG Partners and Fortress paid around $154 million for Cisco’s eight building complex in San Jose, CA.  The eight office/R&D buildings are currently occupied by Cisco and totaling approximately 810,600 square feet on Tasman Drive.

Cisco, which will be leasing back the entire eight–building campus at closing, will vacate the property incrementally over time starting in January 2014 to accommodate a complete renovation of the buildings. Improvements will include extensive landscaping and exterior façade modifications, new site monuments and signage, parking lot and common area upgrades, including new seating and outdoor meeting areas.

In addition, updating of the interior common areas and building systems will be undertaken. The remodeled buildings will appeal to large tenants looking for contiguous space in a campus environment or a tenant seeking one, two or three buildings—with the added option to phase into a larger campus over several years.

Read entire article here.

Kidder Mathews Industrial Team Sells Burlingame Warehouse

Comp Details:

Address:   1616-1636 Gilbreth Road, Burlingame, CA

Seller:    Max Hansen & Sons

Buyer:   Kael Foods

RBA SF:  30,000

Lot size:  1.62 AC (70,567 SF)

Selling price:  $4,375,000 ($145.83/SF)

Type:  Industrial – Distribution Warehouse

This was an owner/user purchase.  The new owner plans on renovating the rear unit, while there are two tenants currently occupying the two front spaces.

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