Biosearch Technologies Acquires 120,480 SF Building in Petaluma for $7 Million; Company Plans for Future Growth/Expansion
September 11, 2012 – Steven Leonard, Brian Foster and Trevor Buck with Cassidy Turley successfully brokered the lender-owned sale of a 120,480-square-foot office and industrial building in southern Petaluma between Biosearch Technologies (buyer) and PCCP, LLC (seller) for $7,000,000 ($58.10 psf). Biosearch Technologies, an early pioneer in developing life science tools, purchased the 2-story building for its new primary headquarters. The building is located at 2199 East McDowell Boulevard—positioned within the Oakmead Northbay Business Park—and had been originally constructed in 1987 as a build-to-suit for Tegal Corporation.
Biosearch will initially occupy the nearly 100,000 square feet of currently vacant space in the building. The remaining square footage (about 27% of the building) is presently leased to multiple tenants but will eventually allow Biosearch potential expansion in the building; growth which the company plans for over the next ten years. Biosearch currently has ±120 employees operating in two 30,000-square-foot buildings in Novato. In early 2013, the company reportedly plans to move about ±90 production and administrative employees from its R&D and offices headquarters at 81 Digital Drive in Novato to its newly purchased Petaluma building. The remaining employees will remain in the other building at 51 Digital Drive.
Oakmead Northbay Business Park is located adjacent to Lakeville Business Parks and is positioned right off of Highway 116, the connector highway between Highway 37 and US 101. These two parks combine for ±2.25 million square feet of class A office, R&D, production, manufacturing and distribution spaces and are occupied by such firms as Fed-Ex, Thermo Fisher Scientific, UPS, Workrite Ergonomics, Camelbak, GAP, Dr. Pepper, Torn Ranch, Scandinavian Designs, Alvarado Street Bakery, Amy’s Kitchen, Petaluma Poultry Processors and more.
Leonard and Foster represented Biosearch Technologies and Leonard, Foster and Buck all represented PCCP, LLC in the sale transaction.
LAM Research Expands Back into Former Building in Fremont, Signs Long-Term Lease Expansion of 50,900 SF
September 11, 2012 – The listing team of Steve Pace, Dan Hollingsworth, Jon DeCoite and Karen Sigl with Cassidy Turley have represented landlord Clarion Partners in the long-term lease of 50,900 square feet of R&D/flex space at 45757 Northport Loop, W. in southern Fremont to LAM Research, a major supplier of innovative wafer fabrication and services to the worldwide semiconductor industry. Headquartered directly across the street at 4650 Cushing Road, LAM Research returns to the Northport Loop, W. property just a few years after vacating the entire ±103,400-square-foot building; the company had previously master-leased the entire building from 1996 through mid 2009.
The new deal from LAM Research will immediately bring Clarion Partner’s single-story building to 100% occupancy, with the remaining 52,514 square feet currently leased to TR Manufacturing, which had also inked a deal earlier this year. The property is well located, just off of Interstate 880 at Cushing Parkway and Northport Loop, W. It provides excellent access to Automall Parkway retail via the newly opened Cushing Parkway, as well as close proximity to hotels, restaurants and open spaces. The property is managed by Orchard Commercial.
Shea Properties Acquires ±2.72 Acre Site in Milpitas for $7.75 Million, Plans for 204-Unit Apartment Complex
September 11, 2012 – Melvin Harrison with Cassidy Turley in collaboration with CBRE represented seller Willow Road Investors in the sale of ±2.72 acres of undeveloped land in Milpitas for $7,750,000 ($65.41 psf). The buyer was developer Shea Properties, which plans to construct 204 apartment units on the site located at 1201 South Main Street at South Abel Street, just south of Great Mall Parkway. Specific plans for the new complex calls for three floors of residential over one floor of parking. The project would be composed of four studio units, 116 one-bedroom units, and 83 two-bedroom units. The 204 unit count is inclusive of nine low-income units. The transit-oriented property is well located within walking distance to the VTA light rail station and the Great Mall of Milpitas, as well as the planned future BART station. It also provides excellent access to major freeways including Interstate-880, Interstate-680, and Highway-237, and is centrally located to major employers in the area, shopping centers, supermarkets, restaurants, and nearby entertainment hubs.
Shea Properties, headquartered in Aliso Viejo, California, is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments.
Williams-Sonoma Extends Leases on 194,334 SF Warehouse/Distribution Facility in Brisbane; Peninsula’s Largest Industrial Deal YTD
September 11, 2012 – Randy Keller and Marshall Hydorn with Cassidy Turley represented Harvest Properties in renewing existing tenant Williams-Sonoma in a total of 194,334 square feet of warehouse/distribution space in two buildings in Brisbane. Williams-Sonoma extended its two properties within the Crocker Industrial Park, which included a 106,324-square-foot freestanding building at 435 Valley Drive and the other an 88,100-square-foot freestanding building at 440-448 Valley Drive, for an equal amount of time. Williams-Sonoma has been a tenant in the Crocker Industrial Park for a decade. The transaction was recognized as the largest industrial-oriented deal on the Peninsula year-to-date.
Founded in 2002 and headquartered in Emeryville, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property. Harvest Properties portfolio comprises approximately eight million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
Historic Kress Building in Downtown Santa Rosa Sells to Investor for $4.23 Million
September 11, 2012 – Niels von Doepp, Jeff Negri and Ryan Snow with Cassidy Turley represented seller Kress Partners, LLC in the disposition of the 18,608-square-foot Kress Building in downtown Santa Rosa for $4,230,000 ($227.32 psf). The historic mixed-use, multi-tenant building composed of office over retail space sold at nearly full occupancy (95%) to an investor, Jadsis, LLC. Located at 613-615 4th Street, the elegantly remodeled property that was constructed about 80 years ago boasts an excellent location in the heart of downtown Santa Rosa’s historic and vibrant 4th Street Business District. The clean, urban setting provides nearby parking, shopping, restaurants, night life, and easy access to Highway 101, Courthouse Square, and the Santa Rosa Plaza. The building is elevator served, features beautiful hardwood floors and skylights that provide an abundance of natural light. Current tenants include longstanding ground floor retailers, such as Mary’s Pizza Shack and Clone, and a mix of small professional office users on the second floor.
D.R. Stephens & Company Buys Multi-Tenant Office Building in Palo Alto for $4.1 Million
September 11, 2012 – Kalil Jenab with Cassidy Turley represented buyer D.R. Stephens & Company in the investment acquisition of 16,032-square-foot multi-tenant office building in Palo Alto for $4,100,000 ($255.74 psf). The seller was Stella Capital, LLC. The two-story building is located at 2595 East Bayshore Road and is positioned right off of Highway 101, just south of Oregon Expressway. The property features lots of natural light, exterior window line on three sides, and is elevator served. One of the key tenants in the building is Vimo, Inc. dba Getinsured.com.
Deerfield Realty Makes $2.4M Long-Term Investment for Rare Redwood City Property
September 11, 2012 – Ben Paul and Tim Howarth with Cassidy Turley collaborated to represent both parties in the investment sale of a 7,180-square-foot office/training/warehouse building situated on ±1.31 acres in Redwood City for $2,425,000 ($42.35 per square foot). Deerfield Realty, represented by Paul in the transaction, purchased the property from Pellarin Enterprises, which was represented by Howarth. Deerfield was attracted to the long-term investment due to the credit tenancy of the property and also the scarcity of similar product currently located along the Peninsula.
Sweet Earth Foods Buys 27,274 SF Warehouse Facility in Moss Landing for $2.65 Million
September 11, 2012 – Michael Schoeder with Cassidy Turley represented buyer Sweet Earth Natural Foods, LLC, an owner/user, in the purchase of a 27,274-square-foot bank-owned industrial facility in Moss Landing for $2,650,000 ($97.16 psf). Sweet Earth Natural Foods will utilize the facility located at 1262 Highway 1, positioned just south of Salinas Road, to process and manufacture its plant-based products which are made with fresh, natural ingredients. The seller was EH National Bank.
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):
Ben Paul, (650) 347-3700, firstname.lastname@example.org
Kalil Jenab, (650) 852-1200, email@example.com
Melvin Harrison, (510) 465-8000, firstname.lastname@example.org
Michael Schoeder, (831) 375-8000, email@example.com
Niels von Doepp, (707) 360-1300, firstname.lastname@example.org
Randy Keller, (650) 347-3700, email@example.com
Steve Pace, (408) 615-3419, firstname.lastname@example.org
Steven Leonard, (415) 485-0500, email@example.com
For market statistics or data, please contact:
Garrick Brown, Director of Research, (916) 329-1558, firstname.lastname@example.org
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 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 $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants 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. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. 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 3,300 transactions, totaling over $4.3 billion in 2011.