This Week's Bay Area Deal Sheet
San Francisco-based PSAI Realty Partners closed a $162M transaction in downtown Walnut Creek that represents the largest multitenant office sale on the West Coast in two years, according to a Newmark press release.
Newmark’s Steven Golubchik, Edmund Najera, Darren Hollak and Francesca Zappula represented New York-based seller Clarion Partners in the disposition of the 362K SF property.
The two-building asset at 1331 and 1333 N. California Blvd. is 93% leased.
According to LoopNet, amenities at The Plaza at Walnut Creek include an executive conference room, a deli, Scott’s Seafood Grill & Bar, 24-hour security, and men’s and women’s lockers and shower rooms.
SALES
Los Angeles-based CIM Group sold a 201-unit multifamily asset at 19608 Pruneridge Ave. in Cupertino. The buyer’s name was not disclosed.
Built in 1998, the eight-building Arioso has one- and two-bedroom units, 382 parking spaces, a swimming pool, cabanas, a fire pit, a community clubhouse, a business center, a basketball court and a fitness center.
DEVELOPMENT
SummerHill Apartment Communities has started leasing units at The Lafayette, a new transit-oriented apartment complex at 333 Calle Del Mundo in Santa Clara.
Rents range from $2,870 to $7,270 per month.
Amenities at the three-acre site include a dog run, three courtyards and four roof terraces with game areas, outdoor kitchens, fire pits, a pool and spa, outdoor office space, an herb garden, as well as a wine and whiskey lounge.
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In downtown Sunnyvale, another transit-oriented project is opening. Sares Regis Group of Northern California and Hunter Partners celebrated the early October grand opening of Cityline, a new transit-oriented, mixed-use property.
The 36-acre mixed-use district has 1,100 apartments, 1M SF of office space, a public plaza and 500K SF of retail and entertainment space.
Sares Regis serves as the residential developer and Hunter Partners is the commercial developer. Also included is equity partner J.P. Morgan Asset Management, contractors Devcon and Build Group, and architecture firms Gensler, Heller Manus, KTGY and SGPA.
PERSONNEL
Nonprofit affordable housing developer Bridge Housing’s Executive Vice President and Chief Investment Officer Jim Mather will retire at the end of the year after 40 years in the sector.
Mather will transition to senior adviser, where he will continue to work with Bridge’s capital markets team to expand its development and acquisitions pipeline.
