SAN FRANCISCO – April 22, 2014 –Cassidy Turley, a leading commercial real estate services provider in the U.S., announces the following transactions originated in the firm’s Northern California offices:
Micron Technology Takes ±141,000 SF in Three Buildings at Tasman Tech Park in Milpitas
Micron Technology Inc. (NASDAQ: MU), a global leader in advanced semiconductor systems and engineering technology, recently signed long-term lease agreements that will give the company occupancy of ±141,000 square feet of space in three buildings at Duetsche Asset & Wealth Management’s Tasman Technology Park in Milpitas, CA. Micron signed an initial lease of ±97,962 square feet in two buildings at 540 and 570 Alder and subsequently signed a deal for a third, adjacent building measuring approximately ±43,487 square feet located at 596 Alder. Micron is in the process of relocating multiple business functions from North San Jose and Fremont into its new Milpitas location. Gregory M. Davies, Steve Horton and Colin Feichtmeier with Cassidy Turley represented Duetsche Asset & Wealth Management in these transactions.
Tasman Tech Park is a 14-building campus totaling ±611,000 SF located along Tasman Drive at Alder Drive and McCarthy Boulevard. The project provides immediate access to Interstate 880 and is located directly adjacent to a VTA Light Rail station. Key tenants include FireEye, Trimble Navigation, and SS8 Networks.
FireEye Expands by 52,812 SF at Tasman Tech Park; Company now occupies over 200,000 SF In the Oak Creek Submarket of Milpitas
FireEye, Inc. (NASDAQ: FEYE), is a global network security company that launched a successful IPO in September 2013. FireEye recently executed an agreement to expand its presence in Tasman Tech Park by an additional 52,812 square feet in a building located at 630 Alder Drive. The most recent expansion is scheduled to increase its occupancy in the project in excess of 200,000 total square feet. Gregory M. Davies, Steve Horton and Colin Feichtmeir with Cassidy Turley represented Duetsche Asset & Wealth Management in its transactions with FireEye. The most recent lease with FireEye will bring occupancy within Tasman Tech Park to nearly 98%.
Strongview Systems Renews/Expands into Full Floor at Bayshore Tech Park, Doubling Occupancy
Strongview Systems, a provider of email marketing and cross-channel marketing solutions for enterprises, has signed a lease extension and expansion for a total of 25,543 square feet, more than doubling its occupancy at the Bayshore Technology Park in Redwood Shores, CA. Strongview is now located on the entire second floor of the building at 1300 Island Dr. Owned by Prudential Investors/Harvest Properties, Bayshore Technology Park is a 20-building Class A office/R&D campus located at the Highway 101 and 92 junction, providing easy access to San Francisco, the Peninsula, South Bay and the East Bay. A desirable project, there are also many on-site and nearby amenities as well as shuttle service to public transportation. For more information visit http://www.bayshoretechpark.com/. Mike Moran, Ben Paul and Randy Arrillaga with Cassidy Turley represented the ownership in the transaction.
CETECOM Expands into Full 65,592 SF Building at Dixon Landing Business Park in Milpitas
CETECOM, Inc., a worldwide provider of wireless testing, has signed a long-term renewal and expansion into an entire 65,592 square foot R&D building within the Dixon Landing Business Park in Milpitas. CETECOM was leasing approximately ±41,000 square feet in the building prior, with the new lease now giving the company full occupancy of the single-story building at 411-433 Dixon Landing Road. Dixon Landing Business Park is a four-building, multi-tenant complex owned by PS Business Parks, Inc. Kent Hillhouse and Scott Borgia of Cassidy Turley represented the landlord in the transaction.
Performance Contracting Adds New Alameda Office with 18,463 SF Lease at Marina Village
Performance Contracting, Inc., one of the leading specialty contractors in the United States, has agreed to lease 18,463 square feet of space with Legacy Partners at the Marina Village commercial complex in Alameda, CA. Performance Contracting leased the entire third floor in the five-story building at 1080 Marina Village Parkway. Jay Hagglund, Michael Raffetto and Marc Ward of Cassidy Turley represented Performance Contracting in the transaction.
PSAI Realty Acquires 262,357 SF Montague Oaks Business Park in North San Jose from Eagle Ridge
PSAI Realty Partners has acquired the ±262,357 square foot Montague Oaks Business Park in North San Jose, CA, from Eagle Ridge Partners. The project consists of eight single-story multi-tenant R&D/office buildings located at 611-697 River Oaks Parkway, positioned at the corner of Montague Expressway. Eagle Ridge had acquired the project in 2011 from the original developer, McCandless Properties. The project was initially constructed in 1983 and has since received capital improvements in multiple phases. Montague Oaks is strategically located in the heart of Silicon Valley’s Golden Triangle, with immediate access to Montague Expressway, Highways 101, 237 and 87, Interstate 880, and the San Jose International Airport. Recognized as a high-tech mecca, this area is home to some of the world’s most prestigious and influential companies. Steve Hermann, Robert Gilley and Eric Fox with Cassidy Turley along with Mike Rosendin and Craig Fordyce with Colliers International brokered the transaction.
Hines Sells 265,869 SF Light Industrial Portfolio in Fremont / North San Jose to Stockbridge Entity
An affiliate of Hines’ U.S. Office Value Added Funds has sold a two-project, six-building portfolio comprised of institutional quality light industrial buildings totaling ±265,869 square feet located along the Interstate 880 Corridor in Silicon Valley. The buyer was an entity of San Francisco-based Stockbridge Capital. The portfolio included the Warm Springs Business Center, a four-building complex located at 48501-48513 Warm Springs Blvd. in Fremont, CA, totaling 146,661 square feet. The second project was the Junction Business Park, a two-building complex located at 1914-1968 Junction Ave. in North San Jose, CA, and totaling 119,208 square feet. The combined projects are 76% leased to over 50 local and national tenants representing a variety of industries.
The two projects are located approximately seven miles apart along Interstate 880, a corridor that’s home to some of Silicon Valley’s most prominent companies. Both projects benefit from excellent access to multiple highways, airports, nearby amenities and a deep labor pool. Hines, one of the world’s most prominent real estate firms, had owned and operated both properties since 2006. Steve Hermann, Robert Gilley and Eric Fox with Cassidy Turley brokered the transaction.
Legacy Partners Purchases 132,179 SF R&D Building in Great Milpitas Location
Legacy Partners Commercial has purchased a 132,179 square foot R&D building in Milpitas from JD Molex One. The freestanding, two-story building is located at 1501 McCarthy Blvd. within the prominent Oak Creek Business Park. The building was fully vacant at the time of sale, having most recently been home to LSI Logic. The property is currently underway with significant interior and exterior renovations, creating a much more modern environment. A great corporate headquarters location, 1501 McCarthy provides excellent power, lab space, dock/grade loading and a breadth of amenities including cafeteria, full kitchen, fitness center and showers. It also provides convenient freeway access and is located within walking distance to Light Rail. Laurence Blickman with Cassidy Turley represented JD Molex in the sale. Mr. Blickman, along with Cassidy Turley’s Jon DeCoite and Mike Connor have also been retained as the leasing agents of the property.
Borina Foundation Sells ±513 Acres of Pajaro Valley Farmland; The Valley’s Largest Farmland Deal in Years
The Borina Foundation has sold most of its farmlands in the Pajaro Valley to V R Walker Co., an Illinois Corporation. The sale represents the largest single farmland transaction in the Pajaro Valley in many years. A total of eight ranches spanning 513 gross acres were sold for an undisclosed price. This assemblage of ranches garnered many offers from all over the nation as well as from local investors and farmers. The Borina Foundation’s decision to sell to the V R Walker Co. was based on its expectation of V R Walker Co being an excellent steward of the land and the most competitive offer. Seven of the eight ranches are subject to conservation easements, which preserve the ranches as farmland in perpetuity. Strawberries, raspberries and blackberries are the principal crops. Growers leasing the land include Reiter Berry Farms, Sun Valley Berries and Garroutte Farms.
V R Walker Co is a long-time farmland owner and is the investment vehicle of retired United States District Judge Vaughn R Walker. Judge Walker was a colleague in San Francisco of the late United States District Judge Robert H Schnacke, June Borina Schnacke’s husband, and was a close personal friend of Bob and June Schnacke.
“We believe that June would be delighted that her friend, Vaughn, is the successful buyer of the Borina Farmlands,” states the Borina Foundation board of directors.
Reuben Helick with Cassidy Turley managed the process for the Borina Foundation.
Cassidy Turley Mortgage Services Closes $19.3M Refinancing of Springwood Apartments, Los Altos
Kurt Scheidt and Terry Daly with Cassidy Turley Mortgage Services have closed on the $19.3 million loan to refinance Springwood Apartments in Los Altos, CA. The Cassidy Turley team arranged a non-recourse loan with a fixed rate on behalf of the owner, South Bay-based Springwood Associates, LLC. The loan was a fully-amortizing, 30-year loan and was placed with a major life insurance company. The charming, well-maintained 216-unit complex is located at 2270 Homestead Court.
Cassidy Turley Mortgage Services Closes $10.025M Acquisition of College Square Shopping Center
Kurt Scheidt and Terry Daly with Cassidy Turley Mortgage Services arranged on behalf of HLA Ventures a $10,025,000 loan from Wells Fargo Bank for the acquisition of the 126,004-square-foot College Square Shopping Center located in Stockton, CA. HLA purchased the project for $12,532,000 and plans to invest more than $2 Million in renovations, tenant improvements and leasing costs. Notable tenants leasing space in the project include Hobby Lobby, Planet Fitness and Outback Steakhouse.
San Francisco / North Bay – based HLA Ventures is focused on the acquisition of value-added commercial real estate in major markets located in the coastal areas of the Western United States. The principals possess over 60 years of operating experience and over $5 Billion in commercial transactions. Importantly, the principals are intimately familiar with San Francisco real estate and currently own or have owned numerous projects in the City. Mr. House and Mr. Leon own more than 30 properties consisting of more than 3 Million square feet of office, retail, and industrial properties in San Francisco, Sonoma County, Contra Costa County, Stanislaus County, and Sacramento.
PACE Supply Acquires 194,940 SF Class A Industrial Facility in Stockton
PACE Supply Corp has purchased a 194,940 square foot Class A industrial facility in Stockton, CA. The facility is located at 4819 Fite Court and is set within the Arch Road Business Park. The seller was Mid-Valley Development, LLC. PACE is a locally and employee-owned plumbing wholesale supply company serving Northern California with 10 wholesaler locations and one decorative plumbing showroom. Its new Stockton facility is located in a highly desirable area of the Central Valley, with nearby corporate neighbors including General Mills, Tesco – Fresh & Easy, Kraft, Martin Brower/McDonald’s and FedEx. Mark Dowling, Jay Hagglund, Tony Luchessi and Tim Schmid with Cassidy Turley represented PACE in the acquisition.
Developer Acquires ±1.75 Acre, Roger Reynolds Nursery Site in Menlo Park
San Jose-based LDH, LLC has acquired a ±1.75 acre (±75,620 land square feet) site in Menlo Park, CA, from local ownership Blech Trust. The property, located at 133 Encinal Ave., was home to Roger Reynolds Nursery and Carriage Stop. The property is well located about a block from El Camino Real (California State Route 82). It is also positioned within proximity of two Caltrain stations (Menlo Park and Atherton). The property is zoned within the El Camino Real/Downtown specific plan. The buyer could look to redevelop the site as either mixed-use or residential use. However, the property is not yet entitled and no official plans have been determined. Mike Moran and Sam Wright with Cassidy Turley represented both parties in the sale transaction.
General Steamship Intl Buys ±109,000 SF Dublin Facility from Trilight Properies
General Steamship International, Ltd. has acquired a ±109,000 square foot industrial facility in Dublin, CA, from Trilight Properties. The multi-tenant property, comprised of industrial/warehouse and office space, was approximately 80% leased at the time of sale to several tenants—the largest being Crosswinds Church. The property is located at 6444-6500 Sierra Court, just off Dublin Boulevard, and provides easy access to Interstates 580 and 680. Barry Cohn and Chris Crabtree with Cassidy Turley represented Trilight, while Mark Dowling of Cassidy Turley along with Sean Sabarese of Colliers International representing General Steamship in the investment transaction.
D.R. Horton Purchases 9.26 Acres of Hilltop Land in Oakland for New Luxury Homes
D.R. Horton has acquired ±9.26 acres, comprised of 15 finished lots, at the crest of Campus Drive in the Oakland Hills from Campus Drive Investors, LLC. The property is located along Campus Drive, just east of Highway 580, near Leona Canyon. D.R. Horton plans to develop upscale, executive luxury homes at this project. Ted Gallagher with Cassidy Turley, together with Robert Jones of Sotheby’s International, represented both buyer and seller in the transaction.
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):
Barry Cohn, (510) 465-8000, Barry.Cohn@cassidyturley.com
Ben Paul, (650) 347-3700, Ben.Paul@cassidyturley.com
Eric Fox, (408) 615-3400, Eric.Fox@cassidyturley.com
Gregory Davies, (408) 615-3400, Gregory.Davies@cassidyturley.com
Jay Hagglund, (408) 615-3400, Jay.Hagglund@cassidyturley.com
Jon DeCoite, (408) 615-3400, Jon.DeCoite@cassidyturley.com
Kent Hillhouse, (408) 615-3400, Kent.Hillhouse@cassidyturley.com
Kurt Scheidt, (415) 781-8100, Kurt.Scheidt@cassidyturley.com
Laurence Blickman (650) 347-3700, Laurence.Blickman@cassidyturley.com
Mike Moran (650) 347-3700, Mike.Moran@cassidyturley.com
Reuben Helick (831) 375-8000, Reuben.Helick@cassidyturley.com
Steve Hermann, (415) 781-8100, Steve.Hermann@cassidyturley.com
Steve Horton, (415) 781-8100, Steve.Horton@cassidyturley.com
Ted Gallagher, (925) 627-2880, Ted.Gallagher@cassidyturley.com
For market statistics or data, please contact:
Garrick Brown, Northern California Research Director, (916) 329-1558, Garrick.Brown@cassidyturley.com
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 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 $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 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 14 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,950 transactions, totaling $6.0 billion in 2013.