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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Drug company Exelixis leased 100K SF at 1410 Harbor Bay Parkway in Alameda last week, the San Francisco Business Times reported. The property will be used as laboratory space and is in close proximity to labs the company operates at 1851 and 1951 Harbor Bay Parkway.
The company relocated its headquarters from South San Francisco to Alameda in 2018. Prior to this new lease agreement, the company’s total occupied space in the city was just over 250K SF. Combined with a 220K SF build-to-suit property it leased earlier this year, Exelixis will expand to just under 575K SF with the latest lease.
DEVELOPMENT
A 38-unit multifamily project was proposed on less than an acre at 3230 Evergreen Ave. in West Sacramento, near the Sacramento International Airport, according to SF YIMBY.
No construction timeline has been announced yet, but the project applications, submitted by Calpo, Hom & Dong Architects are pending review. The location of the proposed development is currently vacant, zoned for residential construction, according to a LoopNet listing.
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The former site of the Rockridge Shopping Center, which was demolished five years ago, will now serve as the site for the construction of a new Home Depot, according to SF YIMBY. The property is owned by Broadway Rockridge LLC.
Neighborhood groups ultimately rejected the construction proposal at 5100 Broadway, which would have also included a four-story parking garage, SF YIMBY reported. The project would have spanned 101K SF.
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A 157-unit affordable housing development in San Francisco broke ground last week, Connect CRE reported. The project is slated for completion in late 2024. The development, dubbed Potrero Block B, comes from developer BRIDGE Housing, in a partnership with the Mayor’s Office of Housing and Community Development and the San Francisco Housing Authority.
“This new housing is another step in our commitment to transform Potrero Hill in a way that supports the existing community as we make lasting change,” Mayor London Breed said in a press release.
“Not only will this new project provide badly needed housing for Potrero residents, it will also serve our families by creating a new on-site childcare facility.”
FINANCING
Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners L.P., provided a $35.5M nonrecourse senior construction loan last week for the development of a 108-unit multifamily community in Santa Rosa, California.
At the time of the loan closing, construction was 50% complete. Amenities to the property include a recreation terrace, a ground-level picnic area, a fitness center and a rooftop jacuzzi.
SALES
Hackman Capital Partners purchased two commercial buildings and 2 acres in Emeryville for $23M last week, the San Francisco Business Times reported.
The purchase included four parcels at 5515, 5520, 5521 and 5522 Doyle St.
THIS & THAT
Aby Rosen, owner of 301 Battery St., a 207K SF Class-A office building in San Francisco’s North Financial District, retained the services of JLL to market the property to Gen Z and millennial employees.
The property, dubbed The Reserve, contains an event space and outdoor terraces. Rosen is banking on the property’s curb appeal to better appeal to a younger generation of employees, according to a press release.
