This Week's Bay Area Deal Sheet
Dallas-based Landsea Homes has acquired 500 homesites as part of the master-planned Dublin Centre development in east Dublin for $125M.
SCS Development Co. and its partners were the seller in a deal that marks Landsea’s largest investment to date in the Bay Area, The Real Deal reported.
“We saw a great opportunity to get back on track and grow in this market with the acquisition of these lots,” Landsea California Division President Tom Baine told TRD, pointing to high demand for housing in the Tri-Valley and Dublin's “nice downtown, great schools and appealing outdoor lifestyle.”
Sales of the market-rate, detached single-family, and attached townhomes are expected to begin in late 2025.
Dublin Centre at Tassajara Road and Dublin Boulevard will also include about 38K SF of retail and restaurant space, a large community swim center, and park space near the Iron Horse Trail.
SALES
Chip manufacturing giant Nvidia purchased a massive eight-building Santa Clara campus for $374M, according to The San Francisco Standard. Asset management company Preylock Holdings of Los Angeles was the seller.
Nvidia just announced record first-quarter earnings of $26B, up 18% from Q4 and 262% from Q1 2023.
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The nation's largest multitenant suburban office sale to date has closed in the East Bay, according to a social media post from Cushman & Wakefield Executive Managing Director Seth Siegel.
The 596K SF property at 6200-6230 Stoneridge Mall Road in Pleasanton was picked up by Milpitas-based Nome Capital Partners for nearly $152M, the San Francisco Business Times reported. An affiliate of UBS Realty Investors sold the complex, which is 91% leased.
LEASES
Glassdoor is going fully remote after putting the last of its San Francisco HQ space, about 59K SF, up for sublease at 300 Mission St.
CBRE is reportedly marketing the space on the 16th and 17th floors of the Financial District building. Despite not having a brick-and-mortar home, the online recruiting firm told the Business Times that it plans to maintain its San Francisco base as many employees reside in the area.
PERSONNEL
The White House has appointed two San Francisco residents to the Presidio Trust board of directors, overseeing Presidio National Park:
- Charles (Chuck) M. Collins is president emeritus of the YMCA of San Francisco, where he served for 20 years as president and chief executive officer.
- Patricia (Patsy) J. Ishiyama is a vice president of the Ishiyama Corp. and president of the Ishiyama Foundation.
Their terms extend through May 2027.
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San Francisco multifamily specialist Angelo Baglieri has joined the local office of Marcus & Millichap as a first vice president. Baglieri brings 10 years of multifamily brokerage experience to his new post.
CONSTRUCTION & DEVELOPMENT
Fremont continues to lure developers of high-tech manufacturing facilities.
Hines Interests LP and Oaktree Capital Management LP broke ground Wednesday on a 267K SF advanced manufacturing and distribution facility in the Warm Springs submarket of the Silicon Valley hotbed.
Milmont Industrial at 49000 Milmont Drive will be redeveloped from three buildings into one. It will offer heavy power and other features to lure advanced manufacturers. CBRE is marketing the facility.
