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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Enchant, a live event production company, signed a 103K SF lease in Oakley, California.
Enchant took space in the Contra Costa Logistics Center, an under-development project at 4300 Wilbur Ave. The Class-A industrial facility is scheduled for occupancy in the fourth quarter. Brooks Pedder, Tony Biswanger and John McManus of Cushman & Wakefield represented the landlord in the transaction.
Greg Smyth, John Salamida and Jon Casella of CBRE represented the Canada-based Enchant.
“The Bay Area industrial market has one of the lowest vacancies in the country, so large new industrial deliveries like the Contra Costa Logistics Center are extremely rare. With limited land available in the region, Oakley has emerged as a vibrant industrial market for state-of-the-art Class A space," CBRE First Vice President Greg Smyth said in a press release. "Its high-quality facilities and proximity to both the Bay Area and Sacramento created an advantageous opportunity for Enchant."
SALES
A 168K SF office building in Sacramento traded hands for $55M last week, purchased by a partnership between Seagate Properties and Cottonwood Group. Soma Capital Partners and Hazelview Investments sold the property. JLL represented the seller.
The property at 925 L St. was 94% occupied at the time of sale. The property is also adjacent to the state Capitol and is located within the city’s Government Affairs district.
PEOPLE
Construction company Suffolk San Francisco added Alex Barake to its team as its new business development director. Barake will oversee development in San Francisco as the company continues its expansion plans across Northern California.
“Alex’s impressive background and experience in business development is a key component of Suffolk’s growth strategy as we strive towards our ambitious expansion goals in Northern California,” Suffolk West Region President Tony Rango said in a press release.
“We are excited Alex has joined our team and we look forward to working closely with him as we strengthen our client relationships, expand our project portfolio and strengthen our brand presence in the region.”
LEASES
Legacy Partners opened leasing on its 97-unit Class-A apartment community, Legacy at Hayward. The property is part of a venture between Legacy Partners and Corebridge Real Estate Investors.
At 28168 Mission Blvd. in Hayward, the property contains one-, two- and three- bedroom residencies.
“Legacy at Hayward is one of the most unique transit-oriented projects in the East Bay,” Legacy Partners Senior Managing Director David Eichler said in a release. “We anticipate high demand for this new, intimate, boutique-style apartment community in a truly unbeatable location.”
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Avison Young was selected by Grosvenor to serve as the exclusive listing agent for four boutique mixed-use properties totaling 133K SF in San Francisco’s Union Square.
The addresses are 240 Stockton St., 214 Grant Ave., 170 Grant Ave. and 251 Post St. The listing agents for Avison Young include Kelly Glass, Sean McCallum, Melinda Ta and William O’Daly, all based in Avison Young’s San Francisco office.
“Our seasoned team’s proven success in downtown San Francisco as well as the competitive advantages provided by our analytics platform AVANT by Avison Young, were key factors in being selected for this leasing portfolio assignment,” Glass said in a release.
“We are looking forward to creating additional value for Grosvenor as well as negotiating favorable leases with new and existing tenants for these ideally located and well-managed properties.”
THIS & THAT
Mosser Cos. is instituting new sustainability efforts across its rental units in California, including those in properties in San Francisco, Oakland and Los Angeles. The sustainability initiatives include the installation of low-flow toilets and eco-friendly shower heads, energy-start appliances and solar power installations at select properties in its portfolio.
“For every retrofit we perform with ultra-low-flow toilets and low flow fixtures, Mosser can help residents reduce water usage by a third. With thousands of households, and thousands of showers per day, the number of gallons of water saved adds up to a significant result every single day—and that is only one sustainability measure. Add more water management and energy usage reductions and the impact is huge,” Mosser Cos. CEO Neveo Mosser said.
