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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.

Federal Realty Snaps Up Major Silicon Valley Retail Property

16 Jan 2015, 4:13 pm

By Alex Girda, Associate Editor

In a $62.2 million deal, Federal Realty Investment Trust has acquired a controlling interest in the San Antonio Shopping Center in Mountain View. Federal Realty, the Rockville, Md.-based retail REIT, completed the transaction through a combination of 58,000 downREIT units, $18 million of cash and the assumption of $18.7 million of fixed rate debt secured by the property.

Located on a 33-acre site southeast of the intersection of El Camino Real and San Antonio Road, San Antonio Shopping Center totals 376,000 square feet of retail space. Its tenant roster features 30 national, regional, and local tenants in an area that features the headquarters of Google and LinkedIn, well as Stanford University.

Other companies that have a presence nearby include Accenture, Genencor, Mercedes-Benz Research & Development, Microsoft, Xerox, Tesla, VMware, Dell, Lockheed Martin, Schering-Plough, Skype, Groupon, Nokia and SAP.

San Antonio Shopping Center is currently anchored by Walmart, Kohl’s, Trader Joe’s and 24 Hour Fitness. Its market area totals about 137,000 residents, and household income averages $141,000.

Image courtesy of www.sanantoniocenter.com


Intersect ENT Expands Footprint to 55 KSF at Menlo Park HQ

9 Jan 2015, 5:12 pm

By Alex Girda, Associate Editor


Intersect ENT has completed a deal for an 18,000-square-foot expansion at its 1555 Adams Drive headquarters in Menlo Park The life sciences company, which is the property’s sole tenant , inked the deal with owner Tarlton Properties, Inc.

The deal increases Intersect ENT’s footprint at 1555 Adans  to 50,000 square feet.Intersect ENT’s CEO, Lisa Earnhardt, explained that the building’s size, amenities, location and setting are a good match for the company’s research and development activities.

Intersect ENT focuses on creating therapies for patients with ear, nose, and throat conditions. Currently, The company’s main focus is chronic sinusitis, a common and often debilitating condition. Intersect ENT holds 25 patents in the United States and more than 85 patents and pending applications worldwide.

For more San Francisco area market data, click here.


Fillmore Center Awarded Repositioned Property of the Year by San Francisco Apartment Association

30 Dec 2014, 5:29 pm

By Alex Girda, Associate Editor

The Fillmore Center in San Francisco was recently honored by the San Francisco Apartment Association. Laramar Management Services LLC, a subsidiary of the Laramar Group, was awarded with the Repositioned Property of the Year and Maintenance Manager of 2014 accolades for its work at The Fillmore Center residential community. The complex is also LEED Silver certified by the United States Green Building Council, and is the largest existing property of its kind to have that level of certification.

The Fillmore Center in San Francisco is a ten-building apartment development that totals 1,114 residential units. The extensive renovations carried out at the asset, including exterior painting and waterproofing, a new pet play area, renovations of the leasing office and barbeque area, a new complex-wide fire alarm system, LEED certification compliance, 14 new hot water boilers and works on 200 residential units, lead to the property receiving the award of Repositioned Property of the Year from the SFAA. Jamie Masterson was awarded with the Maintenance Manager of the Year award, which according to the announcement, which was in no small amount received due to his success in getting the LEED Silver certification. The management team led by Masterson consists of 18 employees that handle duties for the community.

According to Tom Klaess, COO of The Laramar Group, the company is “honored to be the recipient of the SFAA’s 2014 Repositioned Property of the Year award, and we’re especially pleased to have Jamie Masterson recognized for his incredible contributions.”

Klaess also noted that Laramar is set to carry on with its program, in order to makes sure that The Fillmore Center’s profile will continue to be raised as one of the highest rated communities in the city.   

For more San Francisco market data, click here.

Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre Site

19 Dec 2014, 3:38 am

By Alex Girda, Associate Editor

Ever since the 49ers joined the Giants and moved to their very own new home, the destiny of both teams’ former stomping ground has been under intense scrutiny. Candlestick Park is a substantial amount of land that is set to be turned into a new district dubbed Candlestick Point. According to a recent press statement, North American Title Co.’s California region has closed the acquisition of the Candlestick Park site by Lennar Corp’s San Francisco division. Lennar is the parent company of North American Title Co.

The redevelopment process at the 77-acre site will turn Candlestick Park and its surrounding into a 500,000 square foot “urban outlet”, as well as a housing component featuring approximately 12,000 new units and a 220-key hospitality facility. Candlestick Park was first unveiled in 1960 when it became the home of the city’s NFL and MLB teams. The stadium is now scheduled to be demolished in 2015, in order to allow for grading and paving operations to commence. Lennar announced that it will start work on the outlet mall, a hotel, as well as the first 600 homes on the site by the end of 2017. In fact, the following four years will see around $1 billion be invested in the area in order to create the developer’s vision for the site. Back in November, Lennar announced that it will be working on the development of the mall with Macerich, an owner, operator and developer of retail real estate.

“This was a complex transaction requiring coordination with city and state entities as well as legal counsel on all sides”, Dia Demmon, NAT regional president noted in the press statement announcing the deal. According to the NAT representative, the project is the largest to take shape in the city of San Francisco since World War II.

Image courtesy of Wikimedia Commons 

For more San Francisco market data, click here.



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