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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South San Francisco-based beverage distributor Matagrano Inc. leased a 160K SF industrial space in Hayward, California, last week.
CenterPoint Properties owns the building, at 25858 Clawiter Road. Bob Ferraro and Marshall Hydorn of CBRE represented Matagrano in the transactions. Cushman & Wakefield’s Kate Woodcox represented CenterPoint.
Matagrano picked up Anheuser-Busch’s distribution business in Oakland earlier this year.
SALES
Pegasus Group sold an 11-property self-storage portfolio across three markets, including the San Francisco Bay Area.
The other markets involved in the transaction were Portland, Oregon, and Austin, Texas. The Bay Area properties are in Antioch, Berkeley, Milpitas, San Jose and San Leandro.
JLL handled the sale to an undisclosed buyer. The transaction totaled more than 650K SF.
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MG Properties purchased a 333-unit multifamily property known as Eleanor, in Milpitas, California, last week. Institutional Property Advisors, a division of Marcus & Millichap, arranged the $193M transaction, according to Connect CRE. The property also includes over 10K SF in retail space.
MG Properties purchased the mixed-use property from SummerHill Apartment Communities. The property contains a mixture of one- and two-bedroom floor plans and is close to the newly constructed Milpitas Transit Center, which offers access to Bay Area Rapid Transit and VTA Light Rail.
DEVELOPMENT
A group of West San Jose residents is appealing the local city council's approval of a 119-room, six-story hotel project at 1212 South Winchester Blvd., according to SiliconValley.com.
Opponents of the project are citing traffic and building height concerns, as well as issues with the project’s compatibility with the area.
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USA Properties Fund started construction on Terracina at the Dunes last week — a 140-unit apartment community located in Marina, California. The project will bring a range of workforce and affordable housing units to the area.
The project was funded as part of a public-private partnership between the California Housing Finance Agency; Chase Bank; and WNC, an affordable housing investment firm. The project also received tax-exempt bonds, and a long-term permanent loan and subsidy funds through CalHFA’s Mixed-Income Program.
Rents for the property will range from $600 to $2K per month.
PEOPLE
Legacy Partner CEO W. Dean Henry died unexpectedly on Aug. 8. Henry served as CEO beginning in 2012.
“We lost a great man, an extremely capable man who was an icon in the industry, and a man loved by many,” Legacy Partners' Chairman C. Preston Butcher said in a press release. “Dean will always be in the hearts and minds of our wonderful company.”
Legacy Partners President Guy Hays will succeed Henry in the role of CEO, while also maintaining his role as president of the company.
