This Week's San Francisco Deal Sheet
The Deal Sheet is a weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email joseph.gordon@bisnow.com.
A nearly 80K SF shopping center in Martinez, Village Oaks, was sold by an undisclosed private family investor for $24M.
The property, located at 1185 Arnold Drive, is anchored by a Rite-Aid and Lucky grocery store and was 96% occupied at the time of the sale. The seller was represented by Newmark’s Nicholas Bicardo and Cheyne Bloch.
“The sale of Village Oaks marks the first time this asset has traded in over 20 years, which is a testament to the property’s dominant market position and long-term stability,” Bicardo said in a press release. “We continue to see a tremendous amount of capital for well-located retail, especially grocery anchored, on the West Coast.”
CONSTRUCTION AND DEVELOPMENT
Ensemble Real Estate Investments broke ground on its 311-unit mixed-use property in Santa Clara on May 19. The property, dubbed AVE Santa Clara, is the first of seven planned projects in the city’s Tasman East District. In addition to the 311 apartment homes, the property will also contain 15K SF of retail space and 14K SF of outdoor space.
***
Barker Pacific Group will reposition the Citigroup Center office location at One Sansome Street in Downtown San Francisco into a large entertainment/hospitality venue for larger gatherings, as well as providing tenants with additional amenities. Barker Pacific Group purchased the property in 2010, and it has since added over $100M in renovations.
***
Four Corners Properties closed in on its redevelopment of the Shoreway Innovation Center in Belmont, California, after garnering $75M in pre-development financing. Four Corners acquired the 150K SF office building for $90.25M in December. The company has planned a 500K SF redevelopment, which will include the construction of two Class-A life sciences buildings and a multistory parking garage with 1,500 spaces.
***
Longfellow Real Estate Partners and KKR have completed their repositioning of the building formerly known as The Exchange and rebranded it Icona: Labs at Mission Bay. Earlier this year, Vir Biotechnology leased 133K SF in laboratory space at the property, which is at 1800 Owens.
***
Swenson Builders and Republic Urban Properties gained approval to build a 263-unit mixed-use complex in San Jose. The proposed 12-story tower would contain 38 studio units, 19 junior one-bedroom units, 146 regular one-bedroom units and 60 two-bedroom units, as first reported by The Mercury News.
