This Week's San Francisco Deal Sheet
The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit?
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Trammell Crow, alongside CBRE Investment Management, sold a 410K SF industrial park in Morgan Hill, California, for an undisclosed price. Invesco Real Estate acquired the property. CBRE Investment Management served as a joint venture partner to Trammell Crow.
The property contains five Class-A industrial buildings across 24 acres. CBRE’s Rebecca Perlmutter represented the sellers in the transaction. CBRE’s Brian Matteoni, Rob Shannon and Chip Sutherland will handle marketing and leasing for the property.
“The property’s access to Silicon Valley and high concentration of talent in technology, life sciences and manufacturing is highly desired amid limited supply of flex space. Demand for space that can cater to industrial, manufacturing and life sciences continues to grow in Northern California, and Butterfield 5 has the flexibility to customize it to meet the evolving needs of tenants,” said Rob Shannon, executive vice president of CBRE, in a press release.
SALES
A nearly 228K SF office park in San Leandro, California, located near Bay Area Rapid Transit in Alameda County, sold to an institutional investor for an undisclosed price. The Creekside Plaza Office Park is composed of three office buildings. Cushman & Wakefield represented the seller in the transaction.
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Terreno Realty purchased an industrial space in the East Bay for $34.6M. The company added 106K SF to its portfolio with the acquisition. CBRE represented both the buyer and the seller, Reynolds & Brown, in the transaction.
FINANCING
Berkadia secured $235M in financing to acquire The Woods of San Jose LLC, for a 1,841-unit garden-style multifamily property located in San Jose, dubbed The Woods. The property contains a mixture of one-, two- and three-bedroom apartments, along with amenities such as six swimming pools and multiple fitness centers.
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A 172-unit hotel, the Moxy Oakland Downtown, located in Oakland, developed and owned by Capital and Graves Hospitality in partnership with EJF Capital, received a $35M first mortgage interim financing for leasehold interest placed on it, provided by ACORE Capital. Sonnenblick-Eichner Co. advised on the deal.
LEASES
E-commerce payment company Block did not renew the lease on its office space in downtown San Francisco, and it will give up 470K SF as the company plans to move to a mostly remote work model. Its lease is set to expire in September 2023.
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Presidio Bay Ventures signed Norwest Venture and Cornerstone Research as new tenants at Springline, a mixed-used property in Menlo Park, California.
