This Week's Bay Area Deal Sheet
A new Marriott hotel is coming to Sand City, California, just north of Monterey.
JLL Capital Markets arranged $67M in financing for the new hotel, which will have 215 guest rooms.
The dual-branded hotel will be both a Courtyard by Marriott and a Residence Inn.
In addition to the guest rooms, the 139K SF building is expected to house 3K SF of meeting space, a resort-style pool and event space. The hotel will be near Monterey State Beach and Cannery Row.
PEOPLE
Blach Construction hired Alex Llerena as its new chief financial officer. Llerena most recently served as CFO at W. Bradley Electric in the Bay Area.
SALES
Walker & Dunlop arranged the sale of a 63-unit multifamily community called The Arlington in Burlingame, California. The property has studio and one-bedroom apartments as well as penthouses available. The sale was set at a cap rate of 4.17% and a price of $566 per SF.
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Maven Commercial arranged the $15.9M sale of the fully leased University Shopping Center in Santa Clara, anchored by a Safeway grocery store.
LEASES
A&G Real Estate Partners is accepting offers for a below-market sale or lease for a large Rite Aid warehouse and distribution center in Woodland, California, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. The 513K SF facility is 10 miles west of the Sacramento International Airport.
FINANCING
JLL Capital Markets arranged a $20.5M refinance deal for the Almaden Safeway Center in San Jose. The 143K SF center is 100% occupied by 10 retail tenants.
