PALO ALTO, REDWOOD CITY (October 20, 2014) – Redwood City-based PCS Realty Advisors, along with Cassidy Turley and CBRE, have closed a full building lease with Yelp Inc.
College Terrace Centre (CTC) is an approximately 66,000 square foot mixed-use transit-oriented development comprising an entire city block in the heart of Silicon Valley. The two and three story steel framed development with underground parking is located on 1.4 acres fronted by El Camino Real in Palo Alto, just one block from the Stanford University Campus and Stanford Research Park. Upon completion, College Terrace Centre will feature a full service grocery store, an open-air market area and retail shops, office space, a freestanding residential building comprised of eight units, and ample on-site parking. The project has been developed by Twenty-One Hundred Ventures (TOHV), LLC, a development team based in Redwood City, California and is being financed with a construction loan provided by Canyon Capital Realty Advisors LLC (Canyon Realty).
“CTC is both a prominent and unique site comprising an entire city block located on the El Camino Real in Palo Alto,” shared Shawn-Patrick Smailey, managing member of TOHV, LLC and principal of PCS Realty Advisors. “In addition to unparalleled visibility in one of the most affluent markets of the San Francisco Bay Area, the site offers access to public transportation; easy access to both Highways 101 and 280; and is ideally located in an area that not only boasts but draws and maintains a highly skilled labor pool.”
“We’re excited to be expanding Yelp’s presence in Palo Alto in a brand new building that will give our employees convenient access to public transportation, local retail and small businesses,” said John Lieu, Yelp head of facilities. “Palo Alto and the larger South Bay region is an ideal location to source new additional talent.”
“Canyon Realty is pleased to welcome Yelp to College Terrace,” said Marti Page, director at Canyon Realty. “Yelp is the perfect addition to a project we invested in specifically to service the substantial demand for space from both retailers and office users in one of the top markets in the country.”
In addition to having 7,000 square feet of retail space, 45,000 square feet of office space, 9,000 square feet of grocer space, eight below market rate apartments, and 218 subgrade parking spaces, College Terrace has 300 feet of El Camino Real frontage, which generates a traffic count of over 52,000 cars per day.
Slated for delivery in late 2015, the project developers have assembled an experienced team, including Design-Builder Blach Construction Company, a Silicon Valley-based general contractor, and Palo Alto-based design firms Carrasco & Associates (architectural) and Hohbach-Lewin, Inc (engineering).
“Our design-build team is excited to see this project move into the next phase,” commented Tony Mirenda, project executive for Blach Construction. “We believe this new, mixed-use building will benefit local businesses, tenants, including Yelp, the City of Palo Alto and the greater Palo Alto community.”
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (http://www.canyoncapitalrealtyadvisors.com/) is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $25 billion in assets under management. Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since 1990, Canyon Realty has completed approximately $5 billion of investments involving commercial real estate and mortgage assets with a total value of over $13 billion.
About TOHV, LLC
Twenty-One Hundred Ventures (TOHV), LLC is a Northern California based development firm whose Managing Members bring more than 60 years of combined experience in Real Estate Development, Asset Management and Brokerage. In their professional endeavors the team has successfully developed, leased, managed and transacted in excess of $4.5 Billion of assets throughout the Western United States with the majority of those assets located in Northern California. firstname.lastname@example.org