Jay Paul Acquires Former ±20 Acre Malibu Grand Prix Site in Redwood City, Plans New Large-Scale Office Park Development
October 15, 2013 – Ben Paul, Eric Fox, Robert Gilley and Steve Hermann with Cassidy Turley represented the seller Granite Rock Company in the sale of a premier ±19.85 acre development site in Redwood City to Jay Paul Company. Located at 320-340 Blomquist, the high profile site was previously leased to Malibu Grand Prix Family Entertainment Center, which closed in August. The site was marketed as one of the few potential development sites in the area of this magnitude. The property is very well located along the Peninsula with prominent frontage along Highway 101 and in the path of surging demand for newly built Class A office product. Although specific future development plans remain unknown at this time, it has been reported that Jay Paul may look to develop a large-scale office.
Ben Paul said, “As large blocks have remained in high demand, they have begun to command a premium over smaller availabilities. This is a rare opportunity to present the market with much sought after product, with modern efficiencies, airport and surrounding businesses.” He added, “The two most recent developments within Redwood City, Pacific Shores Center (built by Jay Paul) and MidPoint Business Park, were both constructed back in the late 1990s.”
Granite Rock Company has been headquartered in Watsonville, California since its founding in 1900 and will continue to operate is long time concrete, asphalt, construction materials and construction businesses in Redwood City. The Company’s construction division is a significant regional heavy engineering contractor building roadways, airports and private commercial and residential projects. Graniterock received the 1992 Malcolm Baldrige National Quality Award and the 1994 Governor’s Golden State Quality Award.
Westcore Properties Sells Majority of Mariners Landing Mixed-Use Project in Sausalito
October 15, 2013 –Trevor Buck, Brian Foster and Bryan Vidinsky with Cassidy Turley represented both parties in the sale of six buildings totaling 84,621 square feet located within Mariner’s Landing, a mixed-use commercial complex located in Sausalito. Mariners Landing, LLC acquired the buildings from Westcore Properties. Kurt Scheidt, Terry Daly, and Rick Lafranchi with Cassidy Turley’s Mortgage Services assisted the buyer in securing financing of the asset. Mariners Landing is comprised of 10 buildings totaling ±135,000 square feet that cater to a variety of commercial uses, including office, industrial/warehouse, retail and art studio. Westcore had acquired the project in 2008 and had previously sold off one of the buildings in the project to a user. There are two other buildings currently being offered for sale that have gained serious interest. Positioned in a strategic Sausalito location at Bridgeway Boulevard, Coloma Street and Gate Five Road, Mariners Landing is walking distance to the water front, harbor, and a number of restaurants, retail and financial services.
Cassidy Turley Mortgage Services Closed $19.87 Million Refinancing of ±83,583 SF De Anza Plaza, Cupertino
October 15, 2013 – Kurt Scheidt, Terry Daly, and Rick Lafranchi with Cassidy Turley recently closed the $19.87 million refinancing of De Anza Plaza, an 83,583-square-foot, Class A office complex in Cupertino. The Cassidy Turley team arranged the loan on behalf of Four Corners Properties and Westbrook Partners. The property is located at 10001-10101 N. De Anza Blvd, at the hard corner of Stevens Creek Blvd and De Anza Blvd and is comprised of two distinct red brick buildings constructed in 1985.
Trilight Properties Sells Apartment Complex Near U.C. Berkeley Campus to Prado Group for $13.2 Million
October 15, 2013 – Barry Cohn and Ric Russell with Cassidy Turley represented seller Trilight Properties, LLC in the sale of a 49-unit apartment complex in Berkeley for $13,200,000 ($269,400 per unit). The complex is located at 2520 College Avenue, well located near the U.C. Berkeley campus. The buyer was Prado Group, a privately held real estate investment development and investment company headquartered in San Francisco.
143 Bedroom Student Apartment Community Sold in Rohnert Park for $8.65 Million
October 15, 2013 – Scott Gerber with Cassidy Turley represented the Seller in the recent sale of the Allegro Student Apartments, the only specifically designed student apartment community in the Sonoma State University home town of Rohnert Park. Receiving multiple offers, the property commanded a sale price of $8,650,000. The regional buyer will benefit from an above average cap rate of 6.3% and a tight rental market to provide an above average return to their investors. Located at 8025 Beverly Drive, Allegro is an apartment complex exclusively for students and is conveniently located near Sonoma State University. It offers an environment suitable for the needs of students with amenities such as a study lounge, community theater room, three on-site laundry facilities, barbeque area, and fitness center.
St. Anton Partners Acquires ±8.2 Acre Site in Menlo Park, to Complete Assemblage for ±400 Unit Upscale Residential Community on ±10 Acre Site
October 15, 2013 – Tim Howarth with Cassidy Turley represented seller Black Mountain Holdings, LLC in the sale of a ±8.2 acre site in Menlo Park to St. Anton Partners, a privately-held multi-family development and investment company. To be assembled with another ±1.5 acre site the developer acquired in a separate transaction, St. Anton reportedly plans to develop approximately 400 new multi-family units on the combined ±10 acre site located on Haven Avenue, currently a primarily industrial setting. To be known as Anton Menlo Apartments, the new ±$120 million upscale community will also reportedly include a convenience store, plus a doggie day care and on-site sports pub. Receiving proper state and city rezoning approvals earlier this year, St. Anton reportedly plans to demolish the multiple existing industrial buildings currently standing on the site later this year with construction beginning sometime early next year. The site is well positioned close to Marsh Road, Highway 101 and Highway 84, just a few miles west (north) of the Facebook campus.
1031 Trade Buyer Acquires Freestanding Staples/Mancini’s Sleepworld Property in Novato for $7.8 Million
October 15, 2013 – Andy Bogardus and Chris Sheldon with Cassidy Turley alongside Mark Koenig of the firm’s retail division in Northern California, Terranomics Retail Services, represented seller(s) Rockwood Capital, LLC and Barker Pacific Group, Inc., in the sale of a 24,000-square-foot retail property in Novato for $7,800,000 ($325 per square foot). The freestanding building is located at 55-65 Rowland Blvd and is fully leased on a net basis to Staples and Mancini’s Sleepworld.
Greenheart Land Company Acquires 2.1 Acres in East Menlo Park, Part of Assemblage for Larger Housing Development
October 15, 2013 – Sam Wright and Jamie D’Alessandro with Cassidy Turley represented the Seller, the successor to the Community Development Agency of the City of Menlo Park, in the sale of ±2.1 acres in Menlo Park for $7,650,000 ($84 per square foot). The buyer was Greenheart Land Company, which can reportedly build between 30 to 36 units per acre (or 60 to 72 total units) of market-price apartments on the site located at 777-821 Hamilton Avenue. The property is part of a larger planned assemblage, totaling ±8 acres on Hamilton Avenue, on which Greenheart ultimately expects to develop an estimated 240 new housing units.
Investor Acquires Freestanding Retail Property in SAC Valley with Long-Term Walgreens Lease for $6 Million
October 15, 2013 – Chris Crabtree with Cassidy Turley represented the Buyer in the acquisition of a 14,490-square-foot freestanding retail property on ±1.35 acres in Carmichael, CA (Sacramento Valley) for $6,000,000 ($414 per square foot). Built in 2002, the pad building is located along the busy Fair Oaks Blvd and has a long-term NNN lease—with rights for up to 60 years—in place with Walgreens, which features a drive-thru and pharmacy. The sale price reflected a cap rate of 6.65%.
Iconic, Historic Coggeshall Mansion in Downtown Los Gatos Sells to Investor for $4.1 Million
October 15, 2013 – Kalil Jenab with Cassidy Turley represented buyer Parineh Living Trust in the acquisition of the iconic, historic Coggeshall Mansion in Los Gatos for $4,102,500. Originally built in 1891, the mansion is located at 115 N Santa Cruz Avenue and is 100% occupied by modern Mexican/Latin restaurant Palacio. The property has also served as home to the Chart House and Trevese restaurants and is regarded as one of the Town’s most well-known landmarks. The multi-story mansion/restaurant totals ±7,300 square feet and sits on ±0.41 acres of land in the heart of downtown Los Gatos. The seller was Santa Cruz Wilder, LLC.
Cassidy Turley Represents Seller of Fee Title to Premier 52,000 SF Menlo Park Office Building
October 15, 2013 – Mike Moran and Sam Wright with Cassidy Turley teamed up to represent the Pauline Sparrow Blech Trust in the sale of fee title to the land beneath the 52,000-square-foot Class A office building at 1600 El Camino Real in Menlo Park. The land was purchased by Encinal Investors, the ground lessee and developer of the existing multi-tenant building on the site. Capitalizing on a strong leasing market and favorable interest rates, the Trust elected to sell its ground lease interest after many decades of ownership. The Class A office building developed on the site has long been one of Menlo Park’s most desirable addresses, with elegant interior finishes, furnished private and shared outdoor patios, and an on-site athletic facility and showers.
Fully Renovated, Occupied Cedarwood Apts in Santa Rosa Sold for $6.1 Million, Nears Record Price Per Unit
October 15, 2013 – Scott Gerber with Cassidy Turley represented bother Buyer and Seller in the sale of the 35-unit Cedarwood Apartments in Santa Rosa for $6,100,000 ($174,285 per unit). Originally built as condominiums, Cedarwood is spread out on a ±2.8 acre site at 725 W College Ave. The property is comprised of (25) 1,230-square-foot 3-bd/2.5-ba townhomes that feature private back yards and private garages, plus (10) large 850-square-foot 2-bd/1-ba flats featuring large private decks and private garages. The complex recently completed more than $400,000 of interior and exterior renovations. Cedarwood was 100% occupied at the time of sale. The property attracted tremendous interest and after being on the market for less than 14 days, sold at a near record price per unit to a regional syndicator.
Developer Purchases ±1.71 Acre Site in San Bruno for $5.2 Million for New SF Credit Union HQ
October 15, 2013 – Jamie D’Alessandro, Mike Moran and Keith Claxton with Cassidy Turley represented seller Brandenburg Properties in the sale of a ±1.71 acre parcel in San Bruno for $5,210,000 ($70 per square foot). The buyer was a developer representing San Francisco Credit Union which will be building a new headquarters facility on the site located at 1250 Grundy Lane. The property formerly housed TGI Friday’s, which will be demolished for the construction of SFCU’s new office building. The property is set within the master-planned, mixed-use Bayhill Office Park, and is adjacent to tenants such as Google/YouTube, Walmart.com, Kaiser, Cisco and Fox. The property is walking distance to Caltrain and BART and the Tanforan Shopping Center, and provides easy access to El Camino, freeways 380, 280 and 101, and SFO Airport.
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):
Andy Bogardus, (415) 781-8100, Andy.Bogardus@cassidyturley.com
Barry Cohn, (510) 465-8000, Barry.Cohn@cassidyturley.com
Ben Paul, (650) 347-3700, Ben.Paul@cassidyturley.com
Chris Crabtree, (925) 621-3840, Chris.Crabtree@cassidyturley.com
Jamie D’Alessandro, (650) 852-1200, Jamie.Dalessandro@cassidyturley.com
Kalil Jenab, (650) 852-1200, Kalil.Jenab@cassidyturley.com
Kurt Scheidt, (415) 781-8100, Kurt.Scheidt@cassidyturley.com
Mike Moran, (650) 347-3700, Mike.Moran@cassidyturley.com
Sam Wright, (650) 852-1200, Sam.Wright@cassidyturley.com
Scott Gerber, (415) 485-0500, Scott.Gerber@cassidyturley.com
Tim Howarth, (650) 852-1200, Tim.Howarth@cassidyturley.com
Trevor Buck, (415) 485-0500, Trevor.Buck@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.