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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A 135K SF office building formerly occupied by Autodesk is available for sublease following the company’s migration out of San Rafael earlier this year. The listing is being handled by JLL. The building is owned by JHS Properties.
The property is located at 111 McInnis Parkway. Autodesk has a lease on the property until 2024 but has vacated the building, according to JLL Managing Director Jak Churton.
“A lot of people have never been in this building. It was built in 1994. And they were primarily coming out of the ground on spec. And Autodesk came in. And so, it was essentially built on spec for Autodesk and it was their first Marin County headquarters, and has been for the last almost 20 years,” Churton said.
Churton said that while the space can easily be divided for multiple tenants, it would be best utilized by a single tenant.
“You know, at its best, it is a single-tenant building. It has a lot of fantastic amenities built for a single tenant. So that would be ideal. We know there are not, you know, a ton of 130K SF users, not just in Marin County, but anywhere in the Bay Area today, running around and in the market," Churton said.
"So, we'll take our time, we'll be patient. Can the building be divisible? Sure. But at its best, again, it's a single tenant headquarter opportunity."
DEVELOPMENT
The Brentwood City Council granted approval last week for the construction of the Sand Creek Sports Complex, according to SiliconValley.com.
The council approved the hiring of Verde Design of Granite Bay to design the project, which will be a 30-acre soccer field complex. The project is estimated to cost $15M. The project will go through planning and input from the public, with construction targeted to begin sometime in 2024.
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Permits for the development of a mixed-use project at 4742 Mission St. in San Francisco were filed Monday. The proposal would require the demolition of several buildings to develop a single eight-story building, according to SF YIMBY.
The project would use the Home-SF local density program and is is being designed by SIA Consulting. The proposal is slated to contain 46 residential units, along with over 2.4K SF in commercial space. Of the residential units, 16 will be allocated for studio apartments, with 12 one-bedroom units, 16 two-bedroom units and two three-bedroom units. Eleven of the units will be offered as below-market-rate housing.
FINANCING
X-Caliber Capital closed a $52M transaction last week, to construct Origo Cold Storage, a 254K SF cold storage facility in Madera, California.
X-Caliber secured $35M through the USDA Food Supply Chain Program, with CastleGreen adding an additional $17M to the project through commercial property-assessed clean energy financing, according to ConnectCRE. The project is slated to be complete in April of next year.
PEOPLE
King Street Properties named Jamie Choy a senior director. Choy will work with King Street Managing Director Sonia Taneja to help further the company’s development initiatives on the West Coast.
Choy brings over 18 years of experience in development to the company across multiple asset classes. Choy worked on the Kissel Hotel and a mixed-use project in Oakland during his previous tenure with Signature Development Group.
“Jamie has completed an impressive portfolio of complex projects,” King Street Properties principal and founder Thomas Ragno said in a press release. “His diverse experience and steady hand guiding noteworthy buildings from concept to the finish line will support and strengthen King Street’s commitment to our innovative life sciences property development in the Bay Area.”
