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Jun. 12, 2013

San Francisco Bay Area Properties Put Up for Sale as California Looks to Pay Off Wall of Debt

By Alex Girda, Associate Editor

The Department of General Services is planning the sale of a large section of surplus land in its administration, and marketing has commenced for the property. According to a press statement, the DGS has already listed the property and opened talks with interested buyers until October 3. The 81 acres of land that are being offered up for sale by the state of California once belonged to the former Agnews Developmental Center.

According to DGS Director, Fred Klass, California Gov. Jerry Brown is looking to sell the land located in Silicon Valley’s Golden Triangle area in order to pay off some of the “wall of debt” that the state currently owes. “This sale will allow us to meet that goal while providing a tremendous development opportunity for the San Jose community,” said Klass.

Also making headlines is a very different kind of real estate property as Kimpton Hotels has put up for grabs one of its San Francisco Bay Area venues. The Serrano Hotel is now available for an asking price of around $65 million, or a per-room rate of around $275,000. The 236-key hotel recently underwent a $7 million renovation process for not only its façade but also the windows.

The 16-story hotel also offers a dining option in the form of Jasper’s Corner Tap & Kitchen, as well as 2,500 square feet of meeting space at the venue. Considering the rising profile of the Bay Area’s hospitality market, the Serrano Hotel is set to see investors flock to the property.