Silicon Valley University Buys 71,067 SF High-Image Building in North San Jose for $6.3 Million
November 26, 2013 – Nick Lazzarini, Eric Fox, and Sutton Roley with Cassidy Turley represented the Seller in the sale of a 71,067-square-foot R&D building in North San Jose to Silicon Valley University, an owner/user. Silicon Valley University, a private, non-profit, higher educational institution, acquired the freestanding building located at 2010 Fortune Drive for $6,324,963 ($89 per square foot). 2010 Fortune is a two-story, high-image facility set within the Fortune Technology Park. The property features market ready improvements, expansive glassline and ample surface parking. Positioned in a highly concentrated tech area of the Silicon Valley, 2010 Fortune is also close proximity to freeways 880 and 680 and the San Jose Mineta International Airport, and is also conveniently located nearby a Light Rail stop. The Cassidy Turley team is also currently marketing the entire neighboring 87,912 square-foot property at 2040 Fortune Drive for sale—or 54,662 square feet for lease—on behalf of the Seller.
Airport Home Appliance Touches Down in 151,389 SF of Space at Bayside Distribution Center, Hayward
November 26, 2013 – Jay Hagglund, Jeff Starkovich and Chris van Keulen with Cassidy Turley represented both landlord DCT Industrial Trust Inc. and sublessor Syncreon in leasing 151,389 square feet of warehouse space at the Bayside Distribution Center in Hayward to Airport Home Appliance, Inc. for 10 years. The family owned and operated appliance company will initially occupy the space via a sublease from Syncreon that will then immediately roll into a longer-term direct lease from DCT. The space represents a great end unit within the high-end project. The Bayside Distribution Center is located in the Eden Landing Submarket of Hayward and enjoys excellent access to both I-880 and Highway 92 which leads to the San Mateo/ Hayward Bridge. Built in 1998, Bayside Distribution Center accommodates warehouse/ distribution or manufacturing type uses and serves as a corporate or regional headquarters facility.
Univ. of California Agriculture and Natural Resources Buys 42,000 SF Renovation-To-Suit in Davis, CA
November 26, 2013 – Jim Gray, CCIM and Nahz Anvary, CCIM with Cassidy Turley brokered the purchase and renovation-to-suit of 2801 Second Street in Davis for the University of California Division of Agriculture and Natural Resources (UC ANR). Originally built as an indoor roller hockey rink, and later used as the temporary home of the Yolo County Library and the Explorit Science Center, the building has become the administrative home for UC ANR’s statewide programs. The design included taking the existing 33,000 square feet and adding 9,600 square feet of a new partial second floor that allows natural lighting to fill both floors. This creative renovation allows UC ANR to consolidate more than 150 employees into one location. The building houses a mix of offices, creative and collaborative work spaces, and public meeting rooms and was built to achieve a LEED for Commercial Interiors certification.
The project team included the sellers, a joint venture comprised of Capital Partners Development Company and Davis Indoor Sports Center, LLC, the contractor Harrison Construction, the designer MFDB Architects, the financing team First Northern Bank, and escrow and title team Placer Title. The price was $8.2 million, and no state funds were used for the acquisition. The team delivered the project from initial concept to completion in less than 18 months.
UC ANR’s statewide programs include Cooperative Extension Advisors, Integrated Pest Management, Master Gardeners, 4-H Youth Development, and The Expanded Food and Nutrition Education Program (EFNEP).
Avnet Leases 52,685 SF Modernized Building at Montague Corporate Center in North San Jose
November 26, 2013 –Dan Hollingsworth, Steve Pace, Brett Krouskup and Karen Sigl with Cassidy Turley represented landlord Menlo Equities in the lease of a 52,685-square-foot freestanding R&D building within the Montague Corporate Center in North San Jose. The new tenant is Avnet, one of the largest electronics distributors serving customers globally, which leased the entire single-story building located at 2580-2584 Junction Avenue. Recently completing extensive upgrades, the property features market ready improvements to include dramatic high identity entry, a two-story close curtain wall lobby, brushed aluminum and stone finishes, 10′ dropped ceiling with indirect lighting, and all new HVAC. The property also features dock and grade loading and good power. Avent, which is headquartered in Phoenix, will be relocating its local operation from Milpitas to its new, more modernized North San Jose facility. Montague Corporate Center is a four-building corporate office/R&D campus totaling 257,780 square feet on ±15.81 acres located at Montague Expressway, East Trimble Road and Junction Avenue. The area, also known as Innovation Triangle, is recognized for its cluster of influential high-tech companies.
Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development, and operation of properties in select technology markets in the western United States. Since its founding, Menlo Equities has acquired or developed over 80 properties for a total cost of approximately $1.4 billion, and we have developed and built over 3.2 million square feet of high-profile office, R&D, and engineering commercial real estate.
Sirio N.A. Takes 71,489 SF Industrial Space at Williams Street Industrial Park in San Leandro
November 26, 2013 – Jeff Starkovich, Michael Karp and Adan Martinez with Cassidy Turley represented landlord Broadreach Capital Partners in the lease of 71,489 square feet of industrial space to Sirio North America, Inc. at the Williams Street Industrial Park in San Leandro. Sirio, a provider of high-quality commercial grade outdoor furniture, leased one of the suites within the ±290,800-square-foot multi-tenant facility located at 2020 Williams Street. Sirio will use the space for the assembly and distribution of its outdoor products. Williams Street Industrial Park is conveniently located nearby Interstate 880, with close proximity to Oakland Airport and Port of Oakland. Other companies in the facility include District Council 16, Metro Poly Corp/Uni Poly and Energy Feeds Inc.
State of California D.W.R. Purchases 9.54 Acres of Industrial, Waterfront Land at Port of Stockton for Delta ER Program
November 26, 2013 – Ted Gallagher with Cassidy Turley joined by Steve Clark of Lathrop Realty represented both buyer, The State of California, Department of Water (D.W.R.) and Seller, a private party in the sale of 9.54 acres of industrial, waterfront land strategically located at the Port of Stockton and Interstate 5. The D.W.R., which acquired the property for an undisclosed amount, will utilize the property as their Delta Flood Emergency Preparedness Response and Recovery Project (Delta ER Program).
Gallagher, who has brokered multiple S.F. Bay Area waterfront properties, comments, “These types of properties are in huge demand and coupled with an extremely small inventory, pricing is really getting pushed up.”
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):
Dan Hollingsworth, (408) 615-3400, Dan.Hollingsworth@cassidyturley.com
Eric Fox, (408) 615-3400, Eric.Fox@cassidyturley.com
Jay Hagglund, (408) 615-3400, Jay.Hagglund@cassidyturley.com
Jeff Starkovich, (408) 615-3400, Jeff.Starkovich@cassidyturley.com
Jim Gray, (916) 375-1500, Jim.Gray@cassidyturley.com
Nick Lazzarini, (408) 615-3400, Nick.Lazzarini@cassidyturley.com
Ted Gallagher, (925) 627-2880, Ted.Gallagher@cassidyturley.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 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, 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 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 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 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 3,600 transactions, totaling over $4.9 billion in 2012.