This Week's Bay Area Deal Sheet
The Mabuhay Gardens, the cradle of punk rock in San Francisco, is up for sale after the property at 435 Broadway deteriorated in recent years.
Sotheby's International will preside over the bidding on the once-vibrant former rock ’n’ roll club with a starting bid of $2.1M. The auction for the 12K SF building will take place on June 6.
Dirk Derksen bought the club in 1976, and it quickly became the epicenter of the emergent punk rock scene in San Francisco, which included local acts like the Dead Kennedys and Flipper. Iconic acts like The Ramones, Iggy Pop, Black Flag and Blondie also graced the stage at the San Francisco mainstay.
PEOPLE
Highland Commercial Roofing announced Rob Keen will join the company as its chief financial officer. Keen has more than 25 years of experience in the roofing industry and will focus on strengthening the company’s acquisition strategy and its Western expansion.
CONSTRUCTION AND DEVELOPMENT
Barker Pacific Group announced that The Conservatory at One Sansome in downtown San Francisco reopened after a $100M renovation project on the ground floor of the 42-story tower. The Conservatory includes 8K SF of rentable space for private events.
***
Plans for a new project to replace the former Fry's Electronics headquarters in North San Jose are on pause as Bay West Development decided to rent out a 124K SF industrial space on the 20-acre campus at 550 East Brokaw Road.
Bay West was brought on to build a seven-story, 3.8M SF project on the Fry's site, the Mercury News reported, but those plans are now on hold.
FINANCING
Trumark secured a construction loan to begin building a residential complex at 905 North Capitol Ave. in San Jose. The proposal for the project calls for 32 townhomes and 345 apartments.
THIS AND THAT
Eden Housing celebrated the expansion of affordable units at the Light Tree Apartments in Palo Alto last week. The housing complex now includes 185 apartments and townhomes, 128 of which are new. Light Tree was originally built in 1966 as a 94-unit project, according to Palo Alto Online. The expansion was a joint project between Eden Housing, EPA Can Do and the city of East Palo Alto.
