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Napa Multifamily Asset Commands $58M

26 Feb 2015, 4:53 pm

By Alex Girda, Associate Editor

In a $58 million deal, a joint venture of Security Properties and Intercontinental Real Estate Corp. has acquired Saratoga Downs Apartments, a Class A multifamily asset in Napa. The deal marks the eighth acquisition for Security Properties Multifamily Fund II.

One of only five Class A assets in Napa, the property features garden-style apartments and newly constructed townhomes. Seth Siegel and Jason Parr of Cushman & Wakefield Inc. arranged the transaction, acting on behalf of both buyer and seller.

Located about two miles from downtown Napa, Saratoga Downs was developed on land previously occupied by Shevland Ranch, a former horse farm and race track. Its 124 apartments were constructed in 2006, followed by 54 townhomes in 2012. In a reflection of the property’s history, a reconstructed barn serves as its clubhouse and leasing office. Saratoga Downs also neighbors the Napa Yacht Club.

“The North Bay has been a target market for several years as cap rates are higher and supply is restricted compared to adjacent submarkets,” noted Mark Hoyt, senior director of investments at Security Properties, in a statement. “It is extremely difficult to build new product in Napa, evidenced by the fact only two market-rate apartment properties have been delivered in the past decade, with two more projected to be delivered in the next decade.”



Meridian Cinches 2-Part Financing for Union Square Deal

20 Feb 2015, 11:31 pm

By Alex Girda, Associate Editor

Meridian Capital Group arranged $35 million in acquisition financing for 166 Geary St. Representing the Jackson Group, Sun Equity Partners and Concord Real Estate, Meridian arranged a 36-month, floating-rate mortgage provided by a national balance-sheet lender.

The loan features full-term interest-only payments and is priced at 350 basis points over one-month LIBOR.

Located in the upscale Union Square district, 166 Geary offers 46,000 square feet of commercial space. To accommodate the sponsors’ plan to divide the asset into two commercial condos, the financing pre-allocated $25 million to one portion of the asset and $10 million to the remainder.

“In addition to the unique post-closing bifurcation feature of this loan, Meridian negotiated a competitive floating interest rate which includes flexible prepayment terms,” noted Shaya Ackerman, a Meridian managing director. Ackerman was joined in arranging the financing by Moshe Majeski, a fellow Meridian managing director.



Goodman Birtcher Lands Tenant for Oakland Facility

13 Feb 2015, 6:33 pm

By Alex Girda, Associate Editor

 

Goodman Logistics Center in Oakland has landed Coaster Co. of America for a 10-year lease valued at $16.25 million. Santa Fe Springs-based Coaster, a furniture importer in the United States and Mexico, will take 232,881 square feet in the Class A industrial building.

Completed last May, the 374,725-square-foot facility is the first project developed in North America by Goodman Birtcher, a joint venture of Australia’s Goodman Group and Birtcher Development & Investments of Irvine, Calif.

Located at 8350 Pardee Drive, the property enjoys a competitive advantage as “the only Class A warehouse built in the Oakland region in nearly 20 years,” said Tim Cronin, a senior vice president based in Lee & Associates’ Commerce, Calif., office and a member of the team representing Coaster.

Cronin described the building as a good fit for the tenant because of its “modern design, function and close proximity to the Port of Oakland.” Coaster’s commitment follows the announcement last August that Benjamin Moore Co. had taken about one third of the facility’s available space.

Coaster plans a June move-in after completion of tenant improvements. Craig Hagglund, a principal in Lee & Associates’ Oakland office, joined Cronin in representing the tenant; Jason Ovadia, a senior vice president with JLL, worked with Goodman Birtcher.

Goodman Logistics Center features 32-foot clear heights, 92 loading positions in a cross-dock configuration, truck and trailer storage, as well as expandable car parking. The facility is on track for LEED Silver certification.



SoMa Hotel Gets New Owner, Name in $350M Deal

5 Feb 2015, 7:43 pm

By Alex Girda, Associate Editor

The Westin Market Street hotel in San Francisco has a new owner and a new name. LaSalle Hotel Properties purchased the 681-key property in a $350 million deal and has rebranded it the Park Central San Francisco.

The property is located at 50 Third St. near Market Street. A variety of major venues, attractions and corporate offices are readily accessible, including Moscone Convention Center, Yerba Buena Gardens, Yerba Buena Center for the Arts, AT&T Park and the headquarters of Twitter, Instagram and Pinterest.

In a Jan. 26 statement, Bethesda, Md.-based LaSalle Hotel Properties said that it funded the acquisition with cash on hand and borrowings from its senior unsecured credit facility. Highgate Hotels will continue to manage the property.

Completed in 1984, the Park Central underwent a $28.3 million renovation in 2007 and has received an additional $14 million in capital investment since 2009. LaSalle plans a normal life-cycle renovation during the fourth quarter of 2016. Guest rooms average 347 square feet, and the property provides 23,000 square feet of flexible meeting and event space, including a 9,000-square-foot ballroom that can host up to 1,200 guests. The property’s only restaurant, the MaSo, offers locally-sourced cuisine and an outdoor terrace and can accommodate 300 guests.

Image courtesy of starwoodhotels.com



Mill Valley M-F Asset Commands Record-Setting Price

22 Jan 2015, 8:58 pm

By Alex Girda, Associate Editor

Woodmont Cos. recently acquired a Marin County multifamily asset in a deal that set a new Bay Area record for price per square foot. The Belmont-based buyer acquired Casa Roja Apartments in Mill Valley for about $570 per square foot from Red Island Real Estate L.L.C. of Sausalito.

The transaction was arranged by a Colliers International team  of Vice President Ryan Wagner, Brad Lagomarsino and James Devincenti, who worked on behalf of the seller.Red Island had acquired the property as part of its strategy of picking up what it called “irreplaceable assets” and bringing them to Class A levels.

Casa Roja Apartments is a 38-unit multifamily asset located on the southern end of Marin County, in the proximity of the Golden Gate Bridge. The property offers an amenity package that includes a large central pool terrace, laundry facilities, and elegant interiors.

The property was completed in 1964, and Red Island renovated it extensively during the past 18 months. Improvements include new flooring, new windows, roof replacement, reconstructed common area hallways, new entry, plaster coating on walls and ceilings, new heating and air conditioning units and new kitchens and bathrooms. According to a statement, the new owner is continuing the improvements.







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