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Hudson Pacific Flips in Burlingame

5 Oct 2015, 6:11 am

By Alex Girda, Associate Editor

Asian capital has been flooding into the Silicon Valley market at a steady pace during recent years.  The most recent case in point is the recent acquisition of the Bay Park Plaza office asset in Burlingame by private equity firm H&Q Asia Pacific for a reported price of $90 million.

Hudson Pacific Properties sold the asset in an all-cash transaction. The seller was represented by brokerage Eastdil Secured, while Alain Pinel Realtors advised the new owner.

Bay Park Plaza

Bay Park Plaza

Bay Park Plaza offers 260,183 square feet of office space and consists of two buildings on a 13-acre waterfront site. Located at 555 Airport Blvd. and 577 Airport Blvd.,  the buildings were purchased by Hudson Pacific from Blackstone earlier this year as part of a portfolio acquisition.

The property is two miles away from the San Francisco International Airport. Virgin America  currently houses its corporate headquarters at .555 Airport Blvd.

“By selling Bay Park Plaza, we’re disposing of a non-strategic asset at a premium to our original purchase price allocation as part of the Blackstone portfolio,” Hudson Pacific Properties Chairman and CEO, Victor Coleman said in a statement.

Joint Venture Gets On Board Transit-Oriented Plan

5 Oct 2015, 5:57 am

By Alex Girda, Associate Editor

Trammell Crow Co. alongside Multi-Employer Property Trust and Bentall Kennedy are set to kick off a transit-oriented development in San Jose. The joint venture paid $58.5 million for a parcel located in an area  that’s slated for a project in the vein of San Francisco’s Transbay District.

374-384 West Santa Clara St.

374-384 West Santa Clara St.

Located near Diridon Station at 374-384 West Santa Clara St., the 8.2-acre site is zoned for two 10-story office buildings and one nine-story residential building. The multi-phase initiative would bring office and residential product in an area that has 10 million square feet of office tenants and high residential demand.

The site is a short distance away from the SAP Center and a number of amenities. Diridon Station is the Silicon Valley endpoint of the Caltrain ACE trains, VTA light rail and the site of an upcoming BART station.

According to Ashley Powell, senior vice president and head of transactions for Bentall Kennedy’s western region, MEPT plans up to 960,000 square feet of office space with large floor plates and high clear heights intended to attract technology tenants. Also in the works are more than 30,000 square feet of retail and 325 multi-family units.

Netflix’ Future Home Lures German Buyer

30 Sep 2015, 5:11 pm

By Alex Girda, Associate Editor

Given the volume of capital that swirls around the southern Bay Area, newly built, top-quality office properties are understandably prized by buyers at home and abroad. Recently the German-based investment firm WealthCap acquired two buildings in Los Gatos that Netflix will make its future global headquarters.

121 Albright Way

121 Albright Way

Located in the LG Business Park at 121 and 131 Albright Way, near the intersection of Route 85 and Winchester Boulevard, the low-rise steel-framed facilities total 260,979 square feet of space. Also part of the 15-acre campus are 664 spaces of surface parking plus a parking garage that can accommodate 930 vehicles.

Amenities at WealthCap’s newly acquired assets include modern finishes, central core design, 11-foot finished ceilings, two-story atrium lobbies, a reception area, perimeter conference rooms, 7,000 square feet of outdoor patios and rooftop solar panels.

Another key feature of the property is an auditorium, which will come in handy for hosting exclusive premieres as Netflix expands its original programming. The buildings are certified LEED Silver and offer nearby electric car charging stations.

The acquisition is WealthCap’s second in the market during the past year. CBRE Global Investors advised the buyer in the acquisition.


Mall Makeover to Showcase a Record-Setter

26 Sep 2015, 6:10 pm

By Ioana Neamt, Associate Editor

Rendering of the proposed green 'roof'

Rendering of the proposed green ‘roof’

Cupertino is in line to become a record-holder in an unusual category. As part of the proposed $3 billion overhaul of Vallco Shopping Mall, Sand Hill Property Co. recently revealed plans to create the world’s largest roof garden.

Menlo Park-based Sand Hill’s 30-acre green space would eclipse the current record-holder, Chicago’s 24.5-acre Millennium Park.

Designed by renowned architect Rafael Vinoly, the LEED Platinum roof would be developed at the site of the Vallco Shopping Mall, and would be part of a mixed-use project dubbed The Hills at Vallco.  Vinoly is designing the development in collaboration with OLIN Landscape Architects of Philadelphia.

Rendering of the proposed green 'roof'

Rendering of The Hills at Vallco’s green roof

Sand Hill’s plan calls for 3.8 miles of walking and jogging trails, vineyards and organic gardens, and the use of recycled water for heating, cooling and irrigation systems.

Sand Hill shelled out $316 million for Vallco late last year, CBS San Francisco reports. In the statement detailing its plans, Sand Hill pointed out that the center has been in decline for years. The mall’s lower level has been empty for more than 10 years, and its Macy’s closed in March. When Sears follows suit next month, vacancy will rise above 50 percent.

Renderings courtesy of Sand Hill Property Company

East Bay Community Commands $47 Million

18 Sep 2015, 3:50 pm

By Alex Girda, Associate Editor

In a $47 million deal, Tilden Properties has acquired Park Crossing Apartments in Fairfield from Abacus Capital Group. Executive Director Stanford Jones and Senior Directors Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors arranged the sale.

Park Crossing

Park Crossing

Located at 2100 West Texas Street, the 200-unit multifamily community offers convenient access to I-80. Park Crossing consists of nine two- and three-story buildings, as well as a one-story leasing office, on an eight-acre site offering open greenbelts and walkways.

The property features a mix of one-, two-, and three-bedroom apartments averaging 1,024 square feet in size. According to Yardi Matrix data, the average monthly rent is $1,863.

Acquired for $235,000 per unit, the property offers “a value-add opportunity through unit interior upgrades and with the property’s compelling location, the asset should provide continued strong revenue growth,” Philip Saglimbeni noted.

The amenity package includes private patios/balconies, large walk-in closets, a fitness center, swimming pool, spa, controlled access and a business center, as well as a fireside lounge.

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