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Fremont’s Crossings @ 880 Crosses Over to New Owner

31 Aug 2015, 10:42 pm

By Alex Girda, Associate Editor

Overton Moore Properties has sold one of its largest Bay Area properties, The Crossings @ 880 in Fremont, to an affiliate of BlackRock Realty Advisors. The Silicon Valley Business Journal reported the sale price as $133 million.

According to the Business Journal, Overton Moore tapped Rob Shannon and Darla Longo of CBRE’s San Jose office to market the property, which was developed in joint venture with LaSalle Investment Management. Also instrumental was Elkins Kalt Weintraub Reuben Gartside LLP, the Los Angeles-based law firm that advised Overton Moore throughout the project’s life cycle, including its recent sale.

The Crossings @880

The Crossings @880

The largest industrial park to be constructed recently in the Bay Area, The Crossings @ 880 totals around 697,000 square feet of Class A space and is fully leased. With the possibility of both advanced manufacturing and warehouse space, the property has proven a success with the tech community. Apple and Living Spaces occupy some 610,000 square feet between them.

The property is located on 40 acres at the juncture of Interstate 880 and Dixon Landing Road in Fremont. Ware Malcomb designed the facility, and Oltmans Construction Co. served as general contractor.

According to Overton Moore CEO, Timur Tecimer, the team at Elkins Kalt “played an instrumental role in navigating us through the negotiations while offering invaluable strategic advice in connection with this project, from our original land acquisition and joint venture structure through the development, lease-up and sale of the project.”

Image courtesy of omprop.com



Berkadia Finds Financing for Fremont Asset

26 Aug 2015, 8:04 pm

By Alex Girda, Associate Editor

A self-storage property in Fremont was recently financed with the help of Berkadia’s Seattle office. Louis Weisman, a Berkadia managing director, secured $5.5 million in financing for the Auto Mall Parkway Self Storage on behalf of Hudson Industrial Equities.

Auto Mall Self Storage

Auto Mall Self Storage

Located at 43941 Osgood Road, the 17-year-old property consists of three two-story self-storage facilities offering 683 units that are 98 percent occupied.

Weisman arranged a 10-year, fixed-rate loan that features a 4.4 percent interest rate, 60 percent loan-to-value and a 30-year amortization schedule.



Investor From Down Under Goes All In

20 Aug 2015, 3:45 pm

By Alex Girda, Associate Editor

Australian capital is diving into the Bay. QIC, an institutional investment management company, recently paid $174.4 million for the Shops at Tanforan in San Bruno. The deal marks the firm’s first 100 percent-owned property in the United States, following a series of purchases completed in joint venture with Forest City Enterprises. The property was acquired from Breevast B.V., a Dutch company  that specializes in commercial and residential real estate investment.

The Shops at Tanforan is a 970,000-square-foot regional retail center anchored by such tenants as Sears, Target, JC Penney and Century Theatres. Accessible via Interstates 101 and 280, the asset is positioned in an area where tech companies provide most of the economic growth.

Steven Leigh, Managing Director - Global Real Estate for QIC

Steven Leigh, Managing Director – Global Real Estate for QIC

Over the past 18 months, QIC has invested in 10 retail assets across the country. The company recently teamed with AustralianSuper, one of Australia’s largest pension funds, to acquire a quarter stake in the Ala Moana Centre in Honolulu for around $1.1 billion.

Steven Leigh, QIC’s managing director for global real estate, explained in a statement that the deal reflects the firm’s three-point strategy:

  • “Working with AustralianSuper to secure exposures to very high quality dominant malls such as Ala Moana;
  • Our joint venture with Forest City, which gives clients access to a portfolio of regional retail assets; and
  • 100 percent QIC-owned assets like The Shops at Tanforan, which we intend to add more of in the future.”


Popular Napa Retail Center Lures New Investor

19 Aug 2015, 10:31 pm

By Alex Girda, Associate Editor

A Napa retail center was recently recapitalized as a private investment company entered a joint venture with the property’s developer and owner. Madison Marquette has joined the Carlin Co. as a co-owner of Oxbow Public Market, a major retail destination in central Napa.

Oxbow Public Market

Oxbow Public Market

Opened in 2008, Oxbow Public Market currently operates at around 2 percent vacancy. The 30,000-square-foot property features a tenant mix tailored to the upscale character of area residents and visitors. Names on the shopping center’s tenant roster include Hog Island Co., Gott’s Roadside, Oxbow Cheese and Wine, Five Dot Ranch, The Fatted Calf, Kitchen Door, and Ritual Coffee.

Chad Eisenbud, Madison Marquette’s director of West Coast investments, commented in a statement that the company is “committed to fully leveraging this recapitalization to build on Oxbow’s extraordinary record of success in this high-value market.”

The company’s president, Eric Hohmann, added that the asset’s significant momentum and upside is “ideally suited to our integrated investment and operating platform.”

Image courtesy of Oxbow Public Market on Facebook –  https://www.facebook.com/OxbowPublicMarket



Near Apple’s New Campus, a Tidy Refi

19 Aug 2015, 10:11 pm

By Alex Girda, Associate Editor

Spurred on by the imminent completion of Apple’s Campus 2, capital is flowing quickly in Cupertino. Berkadia recently arranged $52 million in financing for a multi-family property located near the Infinite Loop. Mitch Thurston and Andy Ahlers of the company’s San Francisco office secured the loan from a major bank on behalf of an entity controlled by Pacific Urban Residential.

Sage at Cupertino

Sage at Cupertino

Totaling 230 units, Sage at Cupertino is located in the vicinity of the tech giant’s new campus. The property is about 95 percent occupied. Amenities include a swimming pool, recently renovated clubhouse and a business center. Sage at Cupertino offers one- and two-bedroom apartments.

Berkadia arranged the 30-year fixed-interest loan with an initial rate of 2.95 percent. According to Andrea Cu, director of finance for Pacific Urban Residential, noted in a statement that the company was offered a number of options in selecting a lender. Pacific Urban has completed $3.5 billion of acquisitions on the West Coast over the past 17 years, a total of 22,000 apartments.







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