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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 

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Michael Rosenfeld Completes Nob Hill Triple as Woodbridge Capital Partners Acquires Stanford Court

11 Dec 2014, 5:02 pm

By Alex Girda, Associate Editor

The San Francisco hospitality market recorded an important hotel acquisition, as real estate investor Michael Rosenfeld acquired the third hotel on Nob Hill. The investor’s Woodbridge Capital Partners recently completed the acquisition of Stanford Court Hotel. The new owner now holds all three hospitality properties on Nob Hill, including the 2012-purchased Fairmont San Francisco and the Mark Hopkins hotel back in February. Both acquisitions were carried out in partnership with Oaktree Capital Management.

Michael Rosenfeld’s San Francisco hospitality portfolio now totals 1,367 rooms in the Stanford Court, Mark Hopkins and Fairmont hotels.

“We continue to see San Francisco as an incredibly strong luxury hotel market with tremendous appeal for business travelers, conventions and leisure visitors.” Rosenfeld, the CEO of Woodbridge said, regarding the acquisition.

Located at 905 California Street, Stanford Court Hotel is a 393-key luxury property, that benefits from great placement, within walking distance from the city’s Financial District, Union Square and the South of Market tech hub. Nob Hill is also the only meeting point of the city’s three iconic cable car lines.

Management duties at the Stanford Court Hotel will continue to be handled by Highgate Holdings. The hotel sits on a site that formerly housed the mansion of Leland Stanford, the founder and president of the Central Pacific Railroad, who financed the founding of Stanford University. The property was part of an extensive renovation process completed back in 2008, when the owner invested approximately $33 million in an overhaul of the rooms and common areas.

Image courtesy of stanfordcourt.com

Meridian Gets HREI Insights Awards Nomination for Renovation Project in Walnut Creek

3 Dec 2014, 5:08 pm

By Alex Girda, Associate Editor

Full service real estate developer and medical real estate company Meridian recently announced that one of its projects was recently selected as a finalist in the 2014 HREI Insights Awards in the “Best Renovated or Repurposed Healthcare Facility” category. Healthcare Real Estate Insights is a national magazine that covers health care real estate development, financing, and investment. The nomination is part of the second annual HREI Insights Awards, currently the only event of its kind, dedicated to the healthcare real estate development. Meridian’s project is a single-level property that was redeveloped from a former post office.

Meridian completed the redevelopment project in September 2014, creating a single-level 8,530-square-foot medical office building. The property is located at 1221 Rossmoor Parkway in Walnut Creek, California, in the vicinity of the Rossmoor, one of the largest senior communities in the Bay Area, totaling 6,700 residential units. The property is located in an area that is heavily populated with retirement communities, assisted living facilities and medical offices. The medical office building is located on a Safeway adjacent parcel.

Originally built in 1968, the facility was heavily renovated by Meridian in order to transform the post office into a state-of-the-art medical facility. The property was acquired in August 2013, and then walked through a renovation process that entailed upgrading the roof, walls and columns to seismic and OSHPD 3 standards. The developer also fixed the sub-grade and drainage issues, and poured a new slab. In addition, the company held numerous neighborhood outreach meetings, and has also hired an acoustic engineer to decrease noise coming from the building, part of its commitment to the project. The property was fitted with a split HVAC system, where there was a separate HVAC enclosure at grade level and no motorized equipment on the roof as a result of Meridian’s commitment to the process.

According to a press statement announcing the project’s success, Meridian sold the property back to the original seller in order to ensure that the resulting rent rate would be affordable. Meridian closed escrow on the deal in October. The current occupant is the DaVita Walnut Creek West Dialysis Center.

Cypress Equities’ Ambitious Redevelopment Project Market Street Place Breaks Ground

20 Nov 2014, 4:35 pm

By Alex Girda, Associate Editor

One of the most highly anticipated urban redevelopment projects in San Francisco has finally broken ground. Aiming to redevelop the area on Market Street between 5th and 6th Streets, Cypress Equities’ Market Street Place is set to become a multi-level retail center that will offer a new hub for shoppers in the area. With the project finally in the construction phase, the development is currently set for an opening in the fall of 2016.

Once completed, Market Street Place will be a 250,000-square-foot shopping center with six levels of retail and 167 spaces of underground parking. The exterior façade of the building will incorporate translucent glass that capture fragmented images of the steetscape, and will allow people on the outside to have glimpses of the interior shopping experience. The designs were provided by world-famous architecture firm Gensler. Market Street Place will feature 270 feet of frontage on one of the most important streets in the city of San Francisco, while the interior will offer 15 to 18-foot high ceilings and large floor plates of up to 40,000 square feet.

According to a press statement announcing the groundbreaking on Market Street Place, leasing activity for the retail center will be handled by SRS Real Estate Partners, with possible tenants being set to be announced as the development process moves on. The CEO of Dallas-based Cypress Equities, Chris Maguire pointed out that “the project continues to generate a high degree of interest from prospective tenants; and, we are very grateful for all of the support we have received from the city.”

Image courtesy of marketstreetplace.com

NASA Announces Lease Deal Turning Over Moffett Field to Google-Controlled Planetary Ventures

12 Nov 2014, 6:53 pm

By Alex Girda, Associate Editor

Moffett Field and the iconic Hangar One are set to be saved by Google, as the tech giant recently agreed to invest around $200 million at the property. Additionally, the airfield will be used in Google’s various ventures including space exploration research, aviation and robotics. The company’s subsidiary, Planetary Ventures, has signed an agreement with NASA that will let the company manage Moffett Federal Airfield(MFA) in Moffett Field, CA. The agreement was closed for a period of six decades and would mean that the Google-controlled entity will pay NASA a total of $1.16 billion in rent.

The move was greeted with great support from the community, most voicing their approval regarding Google’s takeover of Moffett Field and Hangars One, Two and Three. Moffett Field is currently maintained by NASA’s Ames Research Center in Moffett Field, and includes 1,000 acres of land in South San Francisco Bay. Apart from the three hangars, the property also features an airfield flight operation building, two runways and a private golf course.

Moffett Field has meant something to Google for some time now, being the parking lot for the fleet owned by founders Larry Page and Sergey Brin. According to the San Jose Mercury News, the company also has a long-term lease at Moffet Field where it plans on building an office asset on 42 acres, one that is independent from the deal in question. The lease was approved by the U.S. General Services Administration and NASA, who chose Planetary Ventures as the preferred party this February. Leasing negotiations have been going on ever since, a press release announcing the deal noted this month.

Hangar One is currently one of the largest freestanding structures, with a total area of around eight acres. The facility was built back in 1931 with the purpose of hosting naval airships. Around seven decades later, it was discovered the roof of the structure was contaminated with dangerous chemicals. The hangar was then stripped of its coating, and was awaiting refurbishment. Hangar One will be re-skinned as a result of the agreement with Google.

Photo Credit: NASA Ames Research Center

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