This Week's Bay Area Deal Sheet
Hines is trying to sell Transbay Parcel F, the proposed site of a 61-story building that was approved by city officials in March 2021, according to the San Francisco Business Times. Plans for the tower, expected to rise 806 feet, include a 189-room hotel, 165 residences and about 274K SF of offices at 442-550 Howard St. in downtown San Francisco.
Hines hasn't divulged the asking price for the site. The Texas-based company said in a statement last week that about $80M in loans on the site are set to mature this fall.
"The commercial real estate market has experienced significant shifts over the last several months, prompting us to adjust our business plan," the statement said, according to the Business Times. "Our ownership team has a high degree of conviction in [Parcel F] and remains committed to participating in the development if desired by a new investor."
PEOPLE
Meridian announced Julissa Tellez Buchwald as vice president of business development. Meridian is a full-service real estate developer and investor based in Walnut Creek. She most recently served as senior director of project development at E4H Architecture.
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Kidder Mathews announced the addition of Ric Russell as executive vice president and shareholder in the San Francisco office. Russell formerly worked as an executive managing director at Cushman & Wakefield.
SALES
Prologis spent $37.7M for an industrial property in San Jose. The building, known as the Silicon Valley Industrial Center, is at 6212 Hellyer Ave. and contains 110K SF on a 5.5-acre site.
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Levin Johnston of Marcus & Millichap announced that it closed an industrial property transaction worth $14.5M. The industrial property consists of eight separate industrial suites in two adjacent buildings on a 1.58-acre site at 890 Mahler Road and 1550 Gilbreth Road in Burlingame.
CONSTRUCTION
Presidio Bay announced the completion of its 193-apartment complex at 99 Ocean Ave. in San Francisco. The company said Ventana Residences is the largest project built using the city’s density bonus program, HOME-SF.
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King Street announced last week it broke ground on The Landing in Burlingame, a 4.5-acre project that features more than 500K SF of lab and office space along the Bayshore Highway.
THIS AND THAT
Jamestown LP is considering renting out a 300K SF office building in Concord to a vertical farming entity, according to the San Francisco Business Times. The move would be an uncommon solution to the leasing challenges faced by many landlords seeking traditional office tenants.
