SAN FRANCISCO– August 7, 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:
Flextronics Renews Total of Nearly 500,000 SF Manufacturing Space in Milpitas
Flextronics International USA, Inc. has renewed a total of 499,206 square feet of manufacturing space spanning nine properties in Milpitas. The properties range in address from 637 through 1177 Gibraltar Drive and are among several industrial facilities Flextronics operates in North America, to include the U.S., Canada and Mexico. Flextronics’ U.S. headquarters is currently based in multiple locations in Milpitas/North San Jose. The Cassidy Turley team of Dan Hollingsworth, Tom McGovern, Steve Pace and Karen Sigl based in San Jose exclusively represent Flextronics International USA, Inc.
Headquartered in Singapore, Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to aerospace and defense, automotive, computing, consumer, industrial, infrastructure, medical, clean tech and mobile OEMs. Flextronics helps customers design, build, ship and service electronics products through a network of facilities in 30 countries on four continents. Flextronics employs over 200,000 people. For more information, please visit www.flextronics.com.
County of Alameda Signs ±72,000 SF Renewal at 1000 Broadway (Trans Pacific Centre) in Oakland
The County of Alameda has signed a lease renewal for 71,652 square feet of office space at 1000 Broadway, also known as the Trans Pacific Centre, in Oakland. The building has been owned by Sparknight, LLC for approximately 30 years. As the largest tenant in the building, the County of Alameda has operated its administrative offices, and provided public resources and department services here for many years. 1000 Broadway is a six-story, ±330,500-square-foot Class A office mid-rise positioned in the heart of Oakland’s City Center and is well located directly across from the 12th Street/Oakland City Center BART station. John Dolby and Dane Hooks with Cassidy Turley represented the landlord in the transaction.
New Project at 400 Main Street at Gateway to Downtown Los Altos Quickly Fills Office Space
The brand new Class A mixed-use building at 400 Main Street at the gateway entrance to downtown Los Altos has already leased the office space to two tenants. The new tenants to downtown Los Altos are the Heising-Simons Foundation, a non-profit foundation dedicated to sustainable, research-based solutions in education, environment, science and policy and the law firm of Thoits, Love, Hershberger & McLean, which has been in Palo Alto for over 60 years. Owned by 400 Main Morris LLC, 400 Main Street is a newly developed Class A building comprised of approximately 21,200 square feet of office space on the second floor and 12,600 square feet of retail space on the ground floor. Ron Labetich with Cassidy Turley along with David Thede with Cornish & Carey Newmark Knight Frank represented the landlord in the two office transactions.
Barnes & Noble College Booksellers Leases 33,932 SF at Mountain View Research Park
Barnes & Noble College Booksellers has signed a new lease for a 33,932 square foot office/R&D building located within the Mountain View Research Park. Owned by Boston Properties, the building is located at 355-365 Ravendale Drive in the city of Mountain View, CA. The Mountain View Research Park consists of 15 buildings that are leased to several tech and biotech companies. Steve Horton, Colin Feichtmeir and Kelly Yoder with Cassidy Turley represented Boston Properties in the transaction.
Ultragenyx Adds Another ±25,000 SF of Space, Filling Novato HQ Building
Ultragenyx Pharmaceutical, Inc. has signed a lease expansion for ±24,846 square feet of space at its Novato, CA headquarters at 60 Leveroni Court, giving the clinical-stage biotechnology company occupancy of the entire ±45,000 square foot office/industrial building. Ultragenyx, which went public earlier this year, had occupied nearly 20,000 square feet prior. Owned by Condiotti Enterprises, the two-story building is centrally located off Digital Drive via Bel Marin Keys Boulevard, near U.S. Highway 101. Steven Leonard and Brian Foster with Cassidy Turley represented the landlord in the transaction.
Staffing Agencies Aerotek/TEKsystems to Relocate, Grow Occupancy in SJ Airport Submarket
Leading staffing agencies Aerotek, Inc. and TEKsystems have signed a new lease for 24,938 square feet of Class A office space in the strategically located San Jose Airport submarket. The company will be moving to a new location and taking a full floor at 226 Airport Parkway, which is part of The Concourse complex owned by Equity Office Properties. The company is relocating from nearby Gateway Office Park where it was located in approximately 18,000 square feet. Drew Arvay with Cassidy Turley along with Joe Broerman with Allegis Group, Inc. in Maryland represented the tenant in the transaction.
International Paper Renews 106,000 SF Warehousing Facility in San Leandro
International Paper Co., a global leader in paper and packaging products, has extended its lease for a±106,000 square foot warehousing facility in San Leandro, CA Owned by Noble Andre Birdsey, the facility is located at 1950 Marina Boulevard. International Paper has been a tenant here for many years. Jay Hagglund of Cassidy Turley represented the landlord in the transaction.
Cassidy Turley Mortgage Services Closes $72 Million Acquisition of 1155 Market St, San Francisco
Kurt Scheidt and Terry Daly with Cassidy Turley Mortgage Services have closed on the $72 million acquisition of a ±142,838 square foot Class A office building located at 1155 Market Street in San Francisco. The Cassidy Turley team arranged a non-recourse, floating-rate bridge loan on behalf of the buyer, Patson Companies of San Francisco. The first mortgage was $58 million. In addition, the team arranged an additional $14 million in preferred equity to facilitate the acquisition. Patson will make improvements to the top three floors of the 11-story building that will house the new headquarters of non-profit Lighthouse for the Blind by early 2015. The City of San Francisco operates multiple departments on the remaining eight floors.
Joint Venture of Graymark Capital / Ascent Real Estate Advisors Buys ±85,350 SF Sunnyvale Complex
A joint venture of Graymark Capital and Ascent Real Estate Advisors, LLC has acquired a two-building creative office/R&D project totaling 85,350 square feet in Sunnyvale, CA from Sycamore Lake Partners. The larger of the properties is a high-image, freestanding ±66,725 square foot creative office/R&D building located at 555 E. California Avenue features high-end interiors. The property was nearly 50% leased at the time of sale. The smaller property is a freestanding ±18,805 square foot creative office/R&D building located at 209 N Fair Oaks Avenue that features a newly added glassline. This property was fully vacant at time of sale. Mike Connor, Michael Speers and Annie Micco of Cassidy Turley represented the seller in the transaction. Additionally, Terry Daly and Kurt Scheidt of Cassidy Turley’s Debt/Mortgage Services assisted the buyer in securing acquisition financing.
Cassidy Turley’s Mr. Connor, Ms. Micco and Nick Lazzarini have been retained by Graymark Capital andAscent Real Estate Advisors for Project Leasing services. The team is currently marketing ±31,325 square feet for lease at 555 E. California and the full ±18,805 square feet for lease at 209 Fair Oaks.
Joint Venture Graymark Capital / Ascent Real Estate Advisors Buys ±33,000 SF Building in Sunnyvale
A joint venture of Graymark Capital and Ascent Real Estate Advisors, LLC has acquired a 33,055 square foot Office/R&D building in Sunnyvale, CA. The freestanding single-story building is located at 1154-1156 Sonora Court and was fully leased at the time of sale. The property is located within walking distance to numerous retail and restaurant amenities and a Caltrain station. Kalil Jenab and Nick Lazzarini of Cassidy Turley represented both buyer and seller in the transaction. Additionally, Terry Daly and Kurt Scheidt of Cassidy Turley’s Debt/Mortgage Services assisted the buyer in securing acquisition financing.
Evolve Manufacturing Technologies Buys ±72,400 SF Building in Fremont, Moving from Mt View
Evolve Manufacturing Technologies, Inc. (http://evolvemfg.com), a private contract manufacturing firm serving the medical, defense and semiconductor industries has acquired a 72,436 square foot, high-image R&D/Flex building in Fremont, CA for $7.7 million ($106.23 per square foot). The partial two-story property is located at 47300 Bayside Parkway and was sold by JER Partners. Evolve will be relocating and expanding its entire operation from Mountain View. Brian McCarthy with Cassidy Turley represented the buyer in the transaction.
Investor Acquires Desirable Corinthian Corners Retail Project in Saratoga Village
A Private Investor has acquired the Corinthian Corners retail project in historic downtown Saratoga, CA for $7.2 million ($614.23 per square foot). The property was sold by Atoga, LLC. Corinthian Corners is an 11,722 square foot desirable and highly visible multi-tenant retail project located at the hard corner of Big Basin Way and Saratoga-Los Gatos Road in the heart of Saratoga Village. The property is leased on a 100% triple-net (NNN) basis to six tenants, including major retailers such as CHASE Bank, Starbucks and Crown Castle International. Justin Bautista with Cassidy Turley represented the buyer in the investment sale. Kevin Sweatt also of Cassidy Turley along with James Gaglione of Kidder Mathews represented the seller in the transaction.
Investor Acquires 31-Unit Greentree Apartments in West San Jose for $7.1 Million
BayArea Property, LLC has purchased the 31-unit Greentree Apartments in west San Jose, CA for $7.105 million ($229,193 per unit). The seller was Yale/Boynton Investments. Located at 515 Boynton Avenue, the property consists of one apartment building totaling ±21,000 square feet constructed in 1970 and situated on ±0.58 acres. The unit mix consists of 20 1bd/1ba units, 10 2bd/1ba units and one studio. Greentree Apartments is located in a dense residential area nearby Interstate 280, San Tomas Expressway, Stevens Creek Boulevard and Saratoga Avenue. Justin Bautista with Cassidy Turley represented the buyer in the transaction.
Cornerstone Properties Acquires ±135,900 Mixed-Use Facility and Undeveloped Land in Santa Rosa
Cornerstone Properties IIS, LLC has purchased a 135,908 square foot mixed-use facility on ±35.32 acres in Santa Rosa, CA for $6.8 million ($50.03 per square foot). Located at 120-180 Todd Road, the facility consists of six buildings ranging in size from 960 square feet to 89,000 square feet that allow for a variety of uses, including warehouse, manufacturing and office as well as storage. The property includes five parcels and with less than half of the acreage developed also offers opportunities for additional development. Niels von Doepp, Trevor Buck and Brian Foster with Cassidy Turley represented the seller in the transaction, with Foster also solely representing the buyer.
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):
Ron Labetich, (650) 941-5221, Ron.Labetich@cassidyturley.com
Steve Horton, (408) 615-3400, Steve.Horton@cassidyturley.com
Steven Leonard, (415) 485-0500, Steven.Leonard@cassidyturley.com
Terry Daly, (415) 781-8100, Terry.Daly@cassidyturey.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 13 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.