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.
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Woven Planet, the autonomous driving subsidiary of Toyota Motor, leased over 150K SF in Palo Alto in a deal facilitated by JLL. The space was leased at the Stanford Research Park, as reported by SiliconValley.
Woven Planet previously leased over 95K SF in a nearby space in the same area, with this recent expansion adding to its overall footprint in the region. VMWare owns the building, and the land is owned by Stanford University.
LEASES
Mettler-Toledo Rainin, an Oakland-based manufacturing company, is planning an expansion into Vacaville, according to The San Francisco Business Times. The company manufactures instruments for laboratories and will open a testing and storage facility at 4790 Midway Road at the Interchange Business Park in Vacaville following its purchase of the 93K SF space from LDK Ventures.
The company is slated to move into the space at the end of this summer after tenant improvements are complete. CBRE represented Rainin in the transaction, while Cushman & Wakefield represented LDK Ventures.
PERSONNEL
Avison Young has appointed Dina Gouveia as its Northern California regional lead, innovation and insight, as reported by ConnectCRE. Gouveia will lead the innovation and insight, Avant team for the company’s Northern California markets.
CONSTRUCTION
An affordable housing complex in Morgan Hill, California, will add units targeting farm workers, as reported by NBC Bay Area. Dubbed The Magnolia, the 66-unit property with an expected construction cost of $13.2M was approved by the Santa Clara County Board of Supervisors on June 28.
The project will also aim to provide homes for unhoused individuals and families. Eligibility will require tenants to earn no more than 30% to 60% of the area median income.
FINANCING
JLL Capital Markets secured $345M in refinancing for Miro, a 630-unit housing complex located in San Jose, for Bayview Development Group. The funding was secured through Pacific Life.
“This exceptional JLL team executed on both a challenging construction loan due to the pioneering nature of this project and this more recent permanent financing, in an unusually volatile market," Bayview Development Group said in a press release. "We received a great pairing with Pacific Life, and we’re excited to embark on this new relationship.”
THIS AND THAT
Building permits were issued for a senior housing development in Oakland, according to SFYIMBY. The five-story development aims to offer affordable housing for seniors. AMG & Associates is the developer, with Architects Orange serving as the designer for the project’s concept art. The project is aiming to provide 197 units covering over 111K SF.
