This Week's San Francisco Deal Sheet
The 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?
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LDK Ventures sold a 93K SF warehouse in Vacaville, California, for $20.2M. The sale of Building B is the second in the company's NorthBay Logistics Center II project, following the sale of Building A. The Class-A property was purchased by Mettler-Toledo Rainin LLC.
LDK Ventures started construction on NorthBay in May 2021, completing it in January of this year. CBRE’s Ryan DeAngelis represented the purchaser in the transaction, while Cushman & Wakefield's Brooks Pedder, Tony Binswanger and John McManus represented LDK Ventures and partner Pacific Coast Capital Partners.
“This is a state-of-the-art warehouse facility in an ideal location for commerce,” said Denton Kelley, managing principal of LDK Ventures in a press release. “NorthBay Logistics Center II is a logical destination for businesses seeking access to expanded labor and affordable facilities.”
SALES
Fortress Investment Group purchased a 93K warehouse at 42744 Boscell Road in Fremont, California, for $29M. The property was fully leased at the time of the transaction to two tenants. Weiglein Properties, Sveiks Holdings and Glade Barne Holdings sold the property. Colliers’ Rick Keely and Greig Lagomarsino represented both the buyer and the seller in the purchase.
FINANCING
Synthetic biology company Antheia secured $40M in debt financing from Silicon Valley Bank and Oxford Finance LLC, as part of a plan to build a new biomanufacturing facility, expected to be complete by the end of 2023.
LEASES
Wells Fargo renewed its lease at 333 Market St., keeping its 620K SF for another decade, the San Francisco Business Times reports.
THIS & THAT
Architecture firm AO has finished its design of the Anton Aspire & Ascend retail location, located in Milpitas, California. The project will contain space for 583 market-rate rental units, across two buildings totaling 5,400 SF adjacent to the BART/VTA station.
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Prologis announced plans to commit to net-zero emissions by 2040, which will include carbon-neutral construction by 2025, net-zero for operations by 2030, and 1 gigawatt of solar generation capacity supported by storage by 2025.
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San Francisco’s new retail vacancy tax is adding to the city’s complex retail vacancy headaches across its once-bustling downtown areas, and experts still aren’t sure it’s the right move for the market.
