RREEF Sells Five Building 251,000 SF Portfolio in Santa Clara to Divco West
January 19, 2012 – Eric Fox of Cassidy Turley along with Rob Shannon and Joe Kelly of CB Richard Ellis and Craig Fordyce and David Schmidt of Colliers International have joined forces to represent seller RREEF in the investment sale of a five-building portfolio totaling ±251,000 square feet in Santa Clara. The buyer was Divco West Acquisitions, LLC. The portfolio consists of single and two-story R&D/office buildings located near the corner of Walsh and Bowers Avenues, immediately south of Central Expressway. The addresses include 2400 Walsh Avenue (59,430 square feet), 2424 Walsh Avenue (30,131 square feet), 2630 Walsh Avenue (55,000 square feet), 2710 Walsh Avenue (45,000 square feet), and the very corner building at 2790 Walsh Avenue/2845-2855 Bowers Avenue (61,500 square feet).The portfolio was roughly 65% occupied at the time of sale, with the entire 55,000-square-foot building at 2630 Walsh and half of the building at 2790 Walsh/2845-2855 Bowers making up the vacancies. The remaining buildings are fully leased to single tenants including IBT, Hanwha Solar America and Nano Integrated Solutions. RREEF had acquired the properties in 2006 as part of a portfolio containing 119 buildings totaling 5.3 million square feet from the property’s original developer, Peery Arrillaga.
RREEF Sells Three-Building 135,000 SF Portfolio in Santa Clara to Eagle Ridge Development Corporation
January 19, 2012 – Eric Fox, David Hiebert, Randy Arrillaga, Bob Simpson and Tyler Kemp with Cassidy Turley have collaborated to represent seller RREEF in the sale of a three-building portfolio totaling 135,000 square feet in Santa Clara to buyer Eagle Ridge Development Corporation. The collection of buildings is situated within a high profile business park at 3250, 3260 and 3270 Jay Street, near the junction of San Tomas Expressway and Highway 101. Designated for R&D and office use, each of the buildings is two stories and totals 45,000 square feet, and all were vacant at the time of sale. Positioned along the southern shoulder of Highway 101—opposite Great America theme park—all of the buildings provide outstanding highway visibility. RREEF had acquired the properties in 2006 as part of a portfolio containing 119 buildings totaling 5.3 million square feet from the property’s original developer, Peery Arrillaga. Built in the early 1980s, the buildings all share the distinct features of red brick rooftops and extensive, dark tinted glasslines on all four sides.
The Ghilotti Trust Buys ±13.64 Acres of Land in Richmond, Tenant-in-Tow Maggiora & Ghilotti, Inc. to Utilize Site for East Bay Construction HQ & Equipment Yard
January 19, 2012 – Ted Gallagher with Cassidy Turley represented buyer, The Ghilotti Trust—with Maggiora & Ghilotti, Inc. as the tenant in tow—in its purchase of 13.64 acres of Heavy Industrial Zoned land at the corner of the Richmond Parkway & Goodrick Rd. Maggiora & Ghilotti, Inc., a Marin County-based heavy civil infrastructure contractor, will utilize the site as their East Bay construction headquarters and equipment yard. The seller was Murray Parkway Partners LLC.
This was a tumultuous, four-year escrow that involved the U.S. Environmental Protection Agency and the California Regional Water Quality Control Board. Although the property had been deemed “clean” with a “No Further Action” status in 2007, Gallagher convinced his client to conduct a full, updated Phase II environmental investigation, resulting in the discovery of additional contaminates and subsequent multi-million dollar remediation, the cost of which was borne by the previous owner.
Gallagher, a former heavy civil contractor himself, stated, “This is a prime, strategically located site with the proper zoning for an infrastructure-related contractor and their heavy equipment storage, staging and repair requirements.”
TA Associates Realty Buys 100,400 SF R&D/Office Building in Sunnyvale; Firm’s 7th Acquisition in Two Years
January 19, 2012 – Kalil Jenab and Nick Lazzarini with Cassidy Turley represented buyer TA Associates Realty in the acquisition of a 100,400-square-foot R&D/office building in Sunnyvale. The seller was Roeder Family Partnership, LLC. The two-tenant, single-story building is located at 1120-1130 Kifer Road and is just over 50% leased to Art Institute (53,524 square feet). Jenab and Lazzarini are currently marketing the residual 46,876 square feet for lease at $1.25 per square foot NNN. The property is centrally located near the intersection of Kifer Road and Lawrence Expressway near several high tech campuses such as Texas Instruments and Intuitive Surgical. There are many nearby amenities and the property is also located within walking distance to CalTrain.
This sale represented TA Associate Realty’s seventh acquisition representing nine properties in Silicon Valley since 2010, which also included the recent purchases of a 117,739-square-foot Class A R&D/office building at 2300 Orchard Parkway in North San Jose; a two building R&D portfolio in Sunnyvale totaling 104,498 square feet; a two-building industrial portfolio in Milpitas totaling 100,368 square feet; a 57,310-square-foot and a 34,383-square-foot R&D building in Sunnyvale; and a 55,944-square-foot R&D building in Santa Clara. Established in 1982, TA Associates Realty (“TA Realty”) is one of the largest and most experienced privately held real estate advisors in the United States. TA Realty manages 96 million square feet of commercial real estate and 8,900 residential units located in 35 markets nationwide.
Deerfield Realty Buys Fully Leased 51,151 SF R&D/Office Building in North San Jose from Rockpoint Group/Presidio Investments Joint Venture
January 19, 2012 – Eric Fox, Alan Guterman, Steve Horton and Kelly Yoder with Cassidy Turley represented both parties in the sale of a 51,151-square-foot R&D/office building located at 217 Devcon Drive in North San Jose. Deerfield Realty Corporation acquired the 31 year-old, single-story building from a joint venture of Rockpoint Group and Presidio Investments for an undisclosed price. The building is currently fully leased to long-time tenant Sirf Technology, which began in about 23,040 square feet in the building back in 2004. Rockpoint and Presidio had acquired 217 Devcon as part of a two-building portfolio (alongside 266 Caspian Drive in Sunnyvale) in the summer of 2007. The joint venture had sold 266 Caspian Drive, fully leased to Lockheed Martin, a year later in 2008.
COR-O-VAN Expands to Entire 96,790 SF High-Image Warehouse Building in Northeast San Jose
January 19, 2012 – Jim Kovaleski and Craig Kovaleski with Cassidy Turley represented both landlord Maestri Industrial Property Trust and tenant COR-O-VAN in the lease of an entire 96,790-square-foot warehouse building in northeast San Jose. The high image facility is located at 650 Lenfest Drive, nearby Highway 101 and Interstate 680. The property also resides in the beneficial San Jose Enterprise Zone, a 12-square mile area in the heart of Silicon Valley, where businesses are eligible for significant tax savings as well as other incentives. COR-O-VAN, which is expanding its industrial footprint in the Silicon Valley, specializes in corporate relocation, facilities services and storage services including records management.
ATI Buys 68,240 SF Former Mervyn’s Whse/Mfg Facility in Hayward for New Headquarters; Doubling Size of Industrial Use
January 19, 2012 – Michael Karp with Cassidy Turley represented buyer Moore Living Trust in the acquisition of a 68,240-square-foot warehouse/manufacturing facility in Hayward for $4,435,600 ($65 per square foot). The seller was Sung & KiJu Cho. The building, formerly a Mervyn’s distribution center, is located at 25000 Industrial Boulevard at a high identity corner location just one block from Highway 92 near Heald and Chabot colleges. The new owner dba American Technologies and Restoration, Inc. (ATI), which specializes in disaster recovery services for residential, commercial and industrial properties, will be more than doubling in size from its current ±29,000-square-foot facility located on Wiegman Road also in Hayward where it has operated the past four years (Karp had also represented ATI in the acquisition of that property). ATI will be relocating upon completion of the significant improvements being made to its new facility on Industrial Boulevard. The industrial building is currently partially leased to Zurn, a plumbing/fixture company, which will remain as a tenant in roughly 18,000 square feet for the time being. The property also features excess land for additional parking, yard area or building expansion. American Technologies and Restoration, Inc. is a leader in business continuity and disaster recovery services for residential, commercial and industrial properties. Headquartered in Orange, CA, ATI is a family-owned operation with locations nationwide. ATI has assisted in some of the country’s most devastating natural and man-made disasters over the past two decades, including Hurricane Andrew, New York City Terrorist Attack, Hurricane Wilma, Hurricane Katrina and two major Southern California Wildfires.
Safety Storage Lands Long-Term Subtenant, Rinchem Company, for 71,222 SF Warehouse Facility in Hollister
January 19, 2012 –Michael Schoeder and Michael Bassetti with Cassidy Turley represented sublessor Safety Storage Holding, LLC in successfully subletting its entire 71,222-square-foot warehouse facility in Hollister, CA. The new subtenant is Rinchem Company Inc., which signed a long-term sublease for the high-image facility located at 2301 Bert Drive. Built in 1991, the well maintained building is situated on 5.2 acres and features 12,890 square feet of finished office space on two levels, private offices along the exterior walls with numerous windows and fully heated / air conditioned as well as open bays, bathrooms (with lockers and showers), kitchen, lunchroom, reception area and conference room. Recent site improvements include asphalt paved driveways, landscaping with automatic sprinklers and a paved and fenced storage yard along the north and eastern property lines. Rinchem Company, Inc. is a chemical management solutions provider that creates and manages safe and efficient supply chains for high purity, pre-packaged chemicals and gases. It has nearly 30 locations serving customers in North America, Europe, the Middle East and Asia.
Gamer Funzio Downloads 20,244 SF at High-Rise Tower in San Francisco; Leases Full Floor in South Financial District
January 19, 2012 – Jason Burch, Jim Chesler and Charlie Moore with Cassidy Turley represented tenant Funzio in the gaming company’s new lease of 20,244 square feet of office space in San Francisco. Funzio, a successful developer of social and mobile games, leased the entire fourth floor of the high-rise building at 55 2nd Street, commonly known as the KPMG building, situated in the City’s South Financial District. The 26-story tower is owned by Hines, Inc. Funzio, which currently has 7.5 million total players and employs roughly 75 people in San Francisco, will be nearly tripling its footprint in the city from its previous ±9,000 square feet. Widely known for its successful game Crime City, Funzio has the #1 free game app in 17 countries and the #1 free app in 10 countries.
University of San Francisco Relocating School’s East Bay Presence From San Ramon to Pleasanton, Near BART
January 19, 2012 – Erik Hallgrimson and Jon DeCoite with Cassidy Turley represented tenant University of San Francisco (USF) in the lease of 11,178 square feet of office space at the Stoneridge Corporate Plaza in Pleasanton. The property is located at 6120 Stoneridge Mall Road and is owned by Metropolitan Life Insurance Company. USF will be relocating its current East Bay regional campus just a few miles south from the city of San Ramon. The school’s new Pleasanton location is situated in very close proximity to BART, allowing it to broaden the pool of students it can serve. The relocation by USF comes less than six months after the University had relocated/expanded its other collegiate regional campus in the South Bay from its long-time position in Cupertino over to Downtown San Jose in a 14,053-square-foot lease also handled by Hallgrimson and DeCoite in mid 2011.
Frontier Semiconductor Relocating to 32,622 SF at Ringwood Business Park, North San Jose
January 19, 2012 –Steve Pace, Dan Hollingsworth and Karen Sigl with Cassidy Turley represented landlord D.R. Stephens & Co. in the lease of 32,622 square feet of R&D space at the Ringwood Business Park in North San Jose. The new tenant is Frontier Semiconductor, Inc FSM, which will be occupying roughly half of one of the buildings at 2127-2135 Ringwood Avenue. Ringwood Business Park is a two-building, 162,438-square-foot project located at Ringwood Avenue between Concourse and Fortune Drive. Founded in 1988, Frontier Semiconductor offers a range of advanced metrology products for semiconductor applications. The company will be relocating from its existing space a few miles away on the opposite side of Interstate 880 on River Oaks Parkway.
Cassidy Turley provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.
Lead Contacts (listed alphabetical by first name):
Eric Fox, (408) 615-3400, firstname.lastname@example.org
Erik Hallgrimson, (408) 615-3400, email@example.com
Jason Burch, (415) 781-8100, firstname.lastname@example.org
Jim Kovaleski, (408) 615-3400, email@example.com
Kalil Jenab, (650) 852-1200, firstname.lastname@example.org
Michael Karp, (510) 465-8000, email@example.com
Michael Schoeder, (831) 375-8000, firstname.lastname@example.org
Steve Pace, (408) 615-3400, email@example.com
Ted Gallagher, (925) 627-2894, firstname.lastname@example.org
For market statistics or data, please contact:
Garrick Brown, Northern California Research Director, (916) 329-1558, email@example.com
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,350 transactions, totaling over $3.1 billion in 2010.
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