This Week's Bay Area Deal Sheet
Local developer Associate Capital plans to redevelop a former power plant in San Francisco's Potrero Hill neighborhood into 2,600 homes, 1.6M SF of commercial space, a 250-room waterfront hotel and nearly 100K SF of retail. The company first filed for entitlements in spring 2020, the San Francisco Chronicle reported, and infrastructure work is underway.
The first building, which will bear the address 1212 Maryland St. when it is completed, will be residential, including studios and one-bedroom apartments. Residents are expected to occupy it in 2025. The building will be named after former San Francisco Supervisor Sophie Maxwell, who worked to have the power plant shut down.
SALES
MG Properties acquired Artist Walk Apartments in Fremont for $90M. Artist Walk is a 185-unit mixed-use community with 30K SF of ground-floor retail space. The seller was Clarion Properties.
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TRC Retail acquired The Safeway Plaza in Dublin for $35M, or $509 per SF. TRC was involved in a $53M deal in Sacramento earlier this year.
CONSTRUCTION AND DEVELOPMENT
Gov. Gavin Newsom signed into law legislation introduced by California Sen. Scott Wiener to authorize a mixed-use development aimed at revitalizing San Francisco’s Piers 30-32. The project will include over 3.3 acres of plazas and 375K SF of office space.
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Belmont Village Senior Living topped out its fifth Bay Area location, Belmont Village San Ramon. The newly finished building is a six-story, 175K SF senior living community at 6151 Bollinger Canyon Road. It is expected to open in late 2024.
PEOPLE
Gensler announced the promotion of Andy Cohen and Diane Hoskins to become the firm’s first global co-CEOs. They will manage Gensler’s day-to-day operations across the firm’s 53 offices and 33 practice areas, including 3,500 client relationships and 6,000 employees globally.
FINANCING
Gantry secured a $5.2M permanent loan to refinance a flex office and research and development property at 3000 Oakmead Village Drive in Santa Clara. The single-story building is 100% leased to Qualcomm and directly adjacent to the multinational company’s Silicon Valley regional campus.
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Marcus & Millichap secured a $3.8M loan for the refinancing of Tully Commercial Center in San Jose. The property has 15 retail spaces leased to restaurants, a salon, a dry cleaner and more.
