This Week's Bay Area Deal Sheet
A building housing a Department of Motor Vehicles location west of Golden Gate Park in San Francisco could be converted into 500 affordable homes. The California DMV filed a request for qualifications to bulldoze the more than 50-year-old building at 1377 Fell St., The San Francisco Standard reported.
Supervisor Dean Preston, in whose district the property is located, introduced legislation to convert the site into housing. According to guidelines established by the DMV, the development would include a new DMV office and would have to avoid interfering in the agency's operations.
Developers have until Nov. 22 to respond to the RFQ, according to the Standard.
SALES
Tourmaline Capital acquired Pacific Pearl, a shopping center in Pleasanton known for a wide range of Asian-inspired dining, for $48M. Pacific Pearl, at 2733 Stoneridge Road, is a grocery-anchored 110K SF complex that was developed in 2018. Blake Griggs Properties sold the property to Tourmaline.
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BGO acquired a fully leased research and development facility in Sunnyvale from GI Partners for $41M. The property is located at 825 Stewart Drive and totals 75K SF. The building is 100% leased to an American multinational technology company.
CONSTRUCTION AND DEVELOPMENT
Align Real Estate filed plans to convert an industrial building into housing in San Francisco’s Potrero Hill neighborhood. Plans call for 790 Pennsylvania Ave. to be converted into 263 housing units in a building that will range from four to eight stories.
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PMB Real Estate Services is partnering with Santa Clara Valley Healthcare to develop a 230K SF medical facility in San Jose. The project is part of the larger Bascom Station master plan that will build nearly 600 residential units, along with the medical facility, at 1410 South Bascom Ave.
PEOPLE
Blackstone affiliate EQ Office hired Merredith Treaster as senior vice president for northern California. Treaster is based in San Francisco and will be responsible for the day-to-day oversight of the Northern California portfolio totaling 1.4M SF across San Francisco, Silicon Valley and San Jose and will help shape company strategy in the region.
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Ric Russell has joined Kidder Mathews in San Francisco as executive vice president and shareholder. He brings over 35 years of experience specializing in the sale of multifamily properties and residential development projects throughout Northern California. Prior to joining Kidder Mathews, Russell spent nearly 20 years at Cushman & Wakefield in San Francisco and Oakland, where he served as executive managing director.
