This Week's Bay Area Deal Sheet
A downtown San Jose parcel owned by Paramjit Kaur and Surinder Singh is the site of a proposal for an 11-story multifamily property, according to documents filed with Santa Clara County, as reported by SiliconValley.com.
The 80-unit project is proposed for 101 Delmas Ave., near the recently opened Adobe headquarters and the San Jose Diridon Station. If approved, the project would replace the establishments currently on the site, the Delmas Market and the Imperio Taqueria, along with an adjacent parking lot.
The project proposal seeks government approval via a streamlined process made possible by recent state laws aimed at expediting housing developments.
SALES
Exeter Way LLC sold an industrial property in San Jose for $38M to an entity connected to former Goldman Sachs executive Kelly Ho. The industrial market in San Jose has cooled in recent months, according to The Real Deal, with the exception of data center properties.
But the sale of the 130K SF property demonstrates that interest in San Jose industrial properties remains.
***
The Sobrato Organization last week sold a 103K SF San Jose data center at 1785 Lundy Ave. to Invesco Advisers Inc. for $86M.
LEASES
National Auto Parts leased the remaining half of a 300K SF industrial building at 22290 Hathaway Ave. in Hayward last week after Tesla took the first half last month. Prologis, the owner of the building, signed National Auto Parts to a 10-year lease, according to the San Francisco Business Times.
***
Accounting firm BOD USA and law firm Pennington LLP leased 13K SF in the Ygnacio Center office complex at 2033 North Main St. in Walnut Creek, California. Phil Damachino, Jeff Birnbaum and Andy Schmitt from CBRE represented the landlord, Hines. Transwestern and Commercial East Bay represented both tenants.
FINANCING
Gantry secured an $11.3M loan to refinance a six-story multitenant office tower at 2855 Telegraph Ave. in Berkeley. The office building features 83K SF of office space and houses more than 35 tenants.
THIS AND THAT
The $100M engineering fix to straighten the leaning Millennium Tower has been completed, meaning it stands 1 inch straighter, according to the San Francisco Chronicle.
