Single-Tenant Flex Building in Benicia Industrial Park Sells for $12 Million Cushman & Wakefield Represents both Parties

BENICIA, Calif., September 24, 2018 – A fully leased 63,108-square-foot flex/R&D building positioned in the Benicia Industrial Park in South Solano County, California has traded for $12 million. The single-story building located at 5500 E. 2nd St. in the city of Benicia is 100% occupied by Bio-Rad Laboratories. Sarkissian Trust acquired the property from Benicia Partners, LLC. Brooks Pedder, SIOR, Douglas Longyear, SIOR, and Tony Binswanger, SIOR of Cushman & Wakefield’s Walnut Creek and San Francisco offices represented both the buyer, with whom they’ve had a close relationship for nearly 30 years, and the seller in the transaction. Mr. Pedder, Managing Principal, Executive Managing Director in Walnut Creek, said, “This was a strong investment property leased to a longstanding, industry-leading tenant who is also one of the largest employers in the Benicia Industrial Park—the largest port-oriented industrial park in Northern California that serves home to several major companies across a [...]

Meridian Sells Dialysis Clinic In Oakland, Calif. For $15.7 Million

SAN RAMON, CALIF. – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the sale of its 12,754-square-foot dialysis clinic in Oakland, California. The purchase price was $15.7 million, representing a price of $1,230+-per-square-foot or a cap rate of 5.1 percent. This is Meridian’s fifth transaction in 2018, having acquired four new buildings earlier this year and selling its 104,000-square-foot multi-tenant office building in Brisbane, California in June. The outpatient dialysis clinic is located at 4242 Broadway in Alameda County, in the North Oakland neighborhood in a busy corridor near Kaiser Permanente and Sutter Hospitals on Pill Hill. The site is also positioned within proximity to the MacArthur BART station, Interstate 580 freeway, Highway 24 and adjacent to a variety of retail services. In 2013, Meridian acquired four lots to create a 19,600-square-foot parcel for ground-up construction [...]

Harvest Properties Recapitalizes Constitution Square in the Heart of Berkeley

EMERYVILLE, Calif.-- Harvest Properties and joint-venture partner, Independencia Asset Management LLC (“IAM”), have completed the acquisition and recapitalization of a mixed-use property located in the heart of Downtown Berkeley, California, for an undisclosed amount. Known as Constitution Square, the property is a three-story, 36,000 square foot building located at 2168 Shattuck Avenue directly adjacent to the Downtown Berkeley BART Station and its newly renovated BART Plaza. Since 2015, Harvest and previous partner, The Roxborough Group, completed over $1.5 million in capital improvements, including lobby and elevator cab renovations, a roof replacement and upgrades to the HVAC and security systems. The partnership also completed creative office space improvements and upgraded the building’s retail suites, yielding a highly improved, modern work environment which ultimately resulted in increasing occupancy from 54 percent to 100 percent today. “From the outset of our partnership, Roxborough shared our vision to revitalize Constitution Square from top to [...]

2018-09-27T15:05:01+00:00 September 20th, 2018|Categories: In the News|0 Comments

Whole Foods Property in Heart of Silicon Valley Fetches $55 Million

LOS ALTOS, Calif. – September 17, 2018 – A 50,451-square-foot retail property occupied by Whole Foods Market in Los Altos (Silicon Valley), California has sold for $55 Million. Imperial Hornet Developers, LLC acquired the freestanding property located at 4800 El Camino Real, one of the region’s primary thoroughfares, from Compass Grand Associates, LLC. Investment specialists Kevin Held and Matt McNeill with Cushman & Wakefield represented the buyer in the transaction. The duo worked with Ron Goldie, a Los Angeles-based attorney who specializes in acquisitions, portfolio management, and dispositions for urban core, Class A real estate for high net worth private clients, and who acted as an investment advisor in leading negotiations for the buyer. “This is an irreplaceable, single tenant asset and a generational investment opportunity in the epicenter one of the best economies in the world,” said Mr. Held, Vice President. “The property was originally developed as a prototype build to [...]

Restaurateur Buys Downtown Danville Property for New Restaurant Opening, Cocina Hermanas

DANVILLE, Calif. – September 13, 2018 – A well located, high identity retail/restaurant property in downtown Danville, California located at 501 Hartz Ave. at Church St. has sold for $2.45 million. Cameron Baird of Cushman & Wakefield arranged the off-market acquisition of both the building and the business that was known as Basil Leaf Café for the buyer, Darren Matte, the owner of the acclaimed Per Diem in San Francisco and Harvest restaurant in Danville. The business was sold separately from the property. The seller was Genesis Holdings LLC and HJB Restaurant Group Inc., which was self-represented in the negotiations. Mr. Baird said, “Mr. Matte is an active member of the Alamo/Danville community and saw an opportunity to offer a greater selection of great food and hospitality to his neighbors and downtown shoppers. He will rebrand and remodel the location which will be named Cocina Hermanas after his three daughters.” Mr. Matte’s [...]

Hackman Capital Partners Expands Toe-Hold in East Bay with Purchase of 6th Building in Emeryville

(PRNewsfoto/Hackman Capital Partners, LLC) Sept. 10, ­­2018 -- Hackman Capital Partners, LLC, a Los-Angeles based real estate investment and operating company, announced today the purchase of 1300 64th Street in Emeryville, California. The property, which includes a 25,138-square-foot building and off-street parking lot, follows on the heels of the company's acquisition of a five-building portfolio, known as Emeryville Exchange, in June. Five of the now six buildings, including the recent purchase, are situated in Jelly Bean Square, which takes its name from the largest building's roots as the former Jelly Belly distribution center. The sixth building, called the Thoroughbred Building, is located approximately 10 blocks south of the square at 1250 53rd Street. "We're thrilled to be expanding our presence in this dynamic East Bay market," said Matt Landstrom, Vice President of Acquisitions for Hackman Capital. "With high demand and limited supply, Emeryville is quickly growing and evolving." According to Landstrom, the building at 1300 64th Street, [...]

Woodland Crossroads Sells for over $18 Million

WOODLAND, Calif. – August 29, 2018 – Woodland Crossroads, a grocery-anchored promotional shopping center in Woodland (Sacramento Valley), California, has sold to a private capital investment group in Southern California for $18.045 million. Originally developed in 1985 with K-Mart as its anchor, Woodland Crossroads was substantially redeveloped in 2016 as a Grocery Outlet-anchored and regionally-drawing mid-sized box promotional center. The seller was Woodland Crossroads TIC – Engstrom Properties, which was represented in the transaction by Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team), both Executive Managing Directors with the firm’s Retail Investment Advisors Group. The buyers, affiliates of El Tigre Holdings, were represented by the Yorba Linda office of Keller Williams. In addition to Grocery Outlet, Woodland Crossroads features key retailers Ross, Party City, Harbor Freight and Tractor Supply as well as a number of successful in-line tenants. According to Mr. Wald, “Woodland Crossroads was ideally tenanted [...]

Rare San Rafael Redevelopment Property Sold to Local Investor

SAN RAFAEL, Calif. – August 28, 2018 – Marin Square, a strategically located mixed-use retail/commercial property in San Rafael (Marin County), California, has sold to locally-based Chelsea Pacific Group. Marin Square was first developed in 1984 as a neighborhood shopping center and was later expanded to include an office and multi-tenant commercial component. The seller was Sutter Health. Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team), both Executive Managing Directors with the firm’s Retail Investment Advisors Group, in partnership with Trevor Buck, Director in the firm’s North Bay office, represented the seller in the disposition. The buyer, which is based in nearby Tiburon, represented itself. According to Mr. Wald, “Sutter Health significantly enhanced the property’s value prior to sale by allowing below-market leases to expire and limiting the term of the property’s few remaining tenants.  In this way, the property could be offered as a blank canvas [...]

Scotts Village Shopping Center Sells for $15.35 Million

SCOTTS VALLEY, Calif. – August 2, 2018 – Scotts Village, a prominent neighborhood shopping center in Scotts Valley (Santa Cruz County), California, has sold to a Northern California-based real estate firm for $15.35 million. Anchored by Safeway and CVS, the shopping center comprises 121,296 square feet (sf) of retail improvements including several high-profile pad buildings occupied by Chase Bank, McDonald’s, and Taco Bell. Scotts Village was developed in 1984 on a leasehold interest. Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team), both Executive Managing Directors with the firm’s Retail Investment Advisors Group, represented the seller, The Pratt Company.  The buyer, McNellis Partners, which is based in Palo Alto and Sacramento, represented itself. According to Mr. Wald, “Scotts Village enjoys great market share in Scotts Valley, which due to its proximity to both Silicon Valley and Santa Cruz, has become increasingly affluent.” He added, “The property offers the [...]

Cushman & Wakefield appointed to lease new development at prized corner location – 300 Grant Ave, Union Square, San Francisco

SAN FRANCISCO, Ca., May 10, 2018 – Cushman & Wakefield has been appointed by A-Z 300 Grant LLC as retail leasing brokerage for 300 Grant Ave, Union Square – approximately a 70,000 square feet development project that will begin construction this week with plans for delivery Fall 2019 with opening Spring 2020. Cushman & Wakefield’s Vice Chairman, Kazuko Morgan, Senior Managing Director, Pam Mendelsohn, and Managing Director, Rhonda Diaz, will be the Landlord’s Retail Leasing representatives. The new ground up development will consist of six floors, with retail on the first three floors and Class A creative office space on the upper levels and is located in the heart of the Union Square shopping district amidst luxury brands Harry Winston, Dior, Valentino, and Cartier all of whom occupy corner locations. The site is also across the street from Banana Republic’s global flagship store; also a corner location. Ms. Morgan said the [...]

2018-05-14T11:45:45+00:00 May 14th, 2018|Categories: In the News|0 Comments