This Week's Bay Area Deal Sheet
Mission Rock Partners completed the first phase of development at Mission Rock in China Basin with the opening of Verde, a 254-unit apartment tower. Mission Rock Partners is a venture including Tishman Speyer and the San Francisco Giants.
Verde also has street-level retail, including newly signed San Francisco bakery Arsicault, set to open later this month. The tower will also have coworking spaces developed by Studio, Tishman’s coworking company.
At 1070 Bridgeview Way, 59 of Verde’s units will be available for middle-income renters.
Thus far, it has taken four years to build four buildings in Mission Rock’s massive 2.7M SF mixed-use project.
LEASES
Five Star Bank plans to open an office in downtown San Francisco. The bank has committed to 4K SF on the 28th floor of 345 California St. in the Financial District. Additional terms of the deal weren't provided.
Since 2023, Five Star has hired 22 employees in the Bay Area to work in Suite 2875, which has an open floor plan and views of the San Francisco skyline and bay. In:Site Design Build Associates designed the interiors, while GCI Contractors provided general contracting services.
SALES
A Southern California partnership has acquired The Plant, an open-air shopping center south of downtown San Jose, for $95M, or $146 per SF. Los Angeles-based Arc Capital Partners and Milan Capital Management of Orange, California, paid seller Necessity Retail $80M less than its purchase price three years ago, according to The Mercury News.
In 2022, the New York-based Necessity Retail purchased the 55-acre property for $175M, or $269 per SF, as part of an 81-property portfolio worth $1.3B.
FINANCING
Northmarq arranged $11M in financing for a 138K SF parking garage with 439 parking spaces and a rooftop sports field at 2175 Gayley Road in Berkeley. Called Stadium Garage and Maxwell Family Field, the property is adjacent to the University of California, Berkeley’s Memorial Stadium, the Greek Theatre and the Haas School of Business.
Briana DeHaan, Dan Baker and Andrew Deaver closed the deal for Northmarq.
The unnamed lender secured a three-year, fixed-rate loan through a pension fund relationship, Northmarq said in a release.
DEVELOPMENT
Plans to redevelop 65 acres along Oakland’s Brooklyn Basin waterfront for $2B were updated Tuesday, the San Francisco Business Times reported.
Oakland-based Signature Properties wants to break up Brooklyn Basin’s Parcel H, which could accommodate up to 300 new townhomes and condos, into two phases. The first phase would include 83 townhomes at a max of five stories, and the second phase would add up to seven stories and 220 condos, along with 6,600 SF of retail and parking.
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Related California and the city of El Cerrito have received $39M in state funding to develop a transit-oriented project near the El Cerrito Plaza BART station. According to SF Yimby, the funds will finance the first phase of affordable housing, expected to start next year.
Upon completion, the project will deliver 743 studios and one-, two- and three-bedrooms in six buildings.
The development will have 2,100 SF of retail and bike storage.
PERSONNEL
Brenda Castillo-Garza has been promoted to senior vice president and head of MidPen Resident Services Corp., a division of Foster City-based nonprofit MidPen Housing. Castillo-Garza will lead a 140-person team and manage an annual department budget of $14M.
