This Week's Bay Area Deal Sheet
Three circa 1950s multifamily assets developed by Theo G. Meyer and Sons are on the market in San Francisco for the first time. According to The Real Deal, the Meyer family has listed the assets.
The 13-story 1000 Green St. in Russian Hill has 62 units ranging in size from 820 SF to 2.8K SF. In Nob Hill, the 12-story, 56-unit Crest Royal at 1310 Jones St. has a mix of one-, two- and three-bedroom units with fireplaces. Next door, the six-story 1330 Jones St. has 36 units and 23 parking stalls.
Transaction velocity for apartment buildings with five or more units has returned to pre-pandemic levels, according to a first-quarter report by Compass. Data shows 32 apartment buildings sold in the Nob Hill/Russian Hill area at an average of $348 per SF with an average cap rate of 5.6%.
Brad Lagomarsino and Dustin Dolby of Colliers are the listing agents.
SALES
Crest Partners acquired an industrial property at 3550 Third St. in San Francisco for nearly $40M in an off-market transaction that closed June 14. The three-parcel site includes roughly 102K SF on three parcels. Blake Miller and Max Rattner of Reliance Real Estate Advisors closed the Bayview-Hunters Point deal.
Miller said that demand for San Francisco’s industrial real estate is “especially robust” for low-coverage properties that can accommodate fleets of large vehicles.
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For an undisclosed price, Cityview picked up Tralee Village Apartments in Dublin, a 130-unit asset with 30K SF of ground-floor retail at 6599 Dublin Blvd.
Constructed in 2011, the property has a mix of one-, two- and three-bedroom units with floor-to-ceiling windows. According to a press release, Los Angeles-based Cityview is planning to renovate the interiors and common spaces.
DEVELOPMENT
Dublin’s city planning commission voted unanimously to rezone 192 acres in the eastern portion of the city for the development of 3M SF of office space and hundreds of new homes, according to the San Francisco Business Times.
GH PacVest, an affiliate of GH America Investments Group, purchased the land for $130M in 2017. The company appears to be a subsidiary of China-based Xinjiang Guanghui Industry Investment Co., a Fortune Global 500 conglomerate involved in numerous industries including real estate, the Business Times reported.
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Wells Fargo donated $1M to the Black Cultural Zone Community Development Corp. to develop 199 units of affordable housing and a market hall at the corner of Foothill Boulevard and 73rd Avenue, according to the Business Times.
The 50-block East Oakland Black Cultural Zone that stretches to the San Leandro border was established in 2014 for the advancement of Black arts, culture and economics.
