Cassidy Turley BT Commercial Investment Division Significant Deals – July 14, 2010
Holiday Inn San Jose / Silicon Valley Hotel Sold for $10.5 Million
July 14, 2010 – Ric Russell with Cassidy Turley BT Commercial San Francisco represented both buyer and seller in the sale of a 130,000-square-foot, 208-room Holiday Inn hotel property in South San Jose for $10,500,000. The sale price translated to a price of $81 per square foot or $50,480 per room. The property is located at 399 Silicon Valley Boulevard, where Highways 85 and 101 meet. Built in 1990 and expanded in 1998, the three-story full service hotel includes 208 specially designed guestrooms. The hotel also features a fine dining restaurant on-site, the Summit Steakhouse, as well as a heated pool, hot tub, fitness room, business center, and high-speed wireless internet service. The new owner will continue to operate under the Holiday Inn flag.
Investor Purchases Walgreen’s Property South of Oklahoma City for Over $4.2 Million
July 14, 2010 – Matthew McNeill with Cassidy Turley BT Commercial’s Net Leased Investment Group and based in the firm’s San Francisco office represented buyer Diversified Real Estate, LLC in the acquisition of a 14,820-square-foot retail building fully leased to Walgreen’s for a price of $4,225,000 ($285 per square foot). The property is located 30 miles south of Oklahoma City. The building recently completed construction and the tenant is scheduled to commence rent on August 1st. The buyer was all cash to close.
FedEx Ground Property in Mid-Atlantic Region Sold in 30 Days
July 14, 2010 – Douglas Longyear with Cassidy Turley BT Commercial’s Net Leased Investment Group and based in the firm’s San Francisco office has represented both parties in the sale of a 16,571-square-foot FedEx Ground industrial property. The property is located about 60 miles south of Richmond, Virginia. FedEx Ground has eight years remaining on its lease. The buyer is a private investor. The sale closed 34 days after receiving an LOI and 30 days after the contract was signed. The sale price was undisclosed.
9-Unit Apartment Building in Downtown San Jose Area Goes for Over $1.5 Million
July 14, 2010 – Justin Bautista and Chris Shaheen with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s Palo Alto office have teamed up to represent seller Steve Mutnik in the sale of a nine-unit apartment building in the downtown San Jose area for $1,550,000 ($172,222 per unit). The property is located at 529 South Tenth Street and is composed of two (2) 2-bed/2-bath units and the remaing seven (7) 3-bed/2-bath units. The buyer was Sayed Jovkar.
Investors Purchase 5-Unit Apartment Building in Ideal Redwood City Location for $1.15 Million; Part of 1031 Exchange
July 14, 2010 – Jamie D'Alessandro with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s Palo Alto office represented the buyer(s) in the acquisition of a five-unit apartment building for $1,150,000 ($230,000 per unit) in Redwood City. The property is situated in an ideal Redwood City location at 1405 Regent Street, about a half mile west of the intersection of Woodside Road and El Camino Real. The building benefits from an excellent unit mix consisting of one (1) 3-bed/1-bath unit and four (4) 2-bed/1-bath units. All units offer spacious floor plans and benefit from private backyards or patios and enclosed garages. Mr. D’Alessandro assisted the buyer(s) in completing a 1031 tax deferred exchange with this transaction. The current cap rate is 5.85% and the market cap rate is 6.4%.
Pride of Ownership Fourplex in Mountain View Generates Multiple Offers; Sells for Over $1 Million
July 14, 2010 – Patrick Conkin and Brian Henry with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s Palo Alto office collaborated to represent the seller in the sale of a fourplex for $1,060,000 ($265,000 per unit) in downtown Mountain View. Multiple offers were generated during the sale process. Located at 669 Victor Way, the fourplex is situated in an excellent downtown location west of El Camino Real just off Castro Street. It has a superior unit mix consisting of four (4) large 2-bed/1-bath units, all equipped with washer/dryer hookups. The pride of ownership property has a well maintained exterior and unit interiors and features hardwood floors and dual-pane windows throughout the building.
Renovated 7-Unit Apartment Building in Berkeley Sells for Just Under $860K
July 14, 2010 – Steve Crane with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s San Francisco office along with Ken Kremer of Kremer & Company co-represented the seller, Madeline Johnson Trust, in the sale of a seven-unit apartment building for $859,720 ($122,817 per unit) in Berkeley. The property is situated at a highly visible site at the intersection of 6th Street and Cedar Street, within a half mile of the University Avenue and I-580/80 interchange. The unit mix consists of three (3) 2-bed/1-bath units and one (1) 3-bed/1.5 bath unit. The building was recently renovated.
4-Unit Apartment Building Outside Downtown San Jose Sold for Over $500K
July 14, 2010 – Patrick Conkin with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s Palo Alto office represented buyer Carrick Pierce in the purchase of a four-unit apartment building situated just outside Downtown San Jose for $507,500 ($126,875 per unit). The property is located at 377 South 19th Street and is comprised of four (4) 1-bed/1-bath single-story units. The Buyer obtained a 5.375% fixed rate 30 year loan.
Well Maintained 5-Unit Apartment Building Sold in Richmond
July 14, 2010 – Steve Crane with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s San Francisco office represented the seller in the sale of a 5-unit apartment building in Richmond for $315,000 ($63,000 per unit). The building is located at 2114-2122 Bissell Street and is comprised of all 1-bed/1-bath units. The well maintained building was recently renovated to include a new roof, dual-paned windows, water heater and laundry facility. The seller had owned this property for more than nine years prior to selling.
Wachovia Mortgage Sells 4-Unit Apartment Building in Richmond
July 14, 2010 – Rene Alvarez with Cassidy Turley BT Commercial’s Multi-Family Group and based in the firm’s Oakland office along with Joel Kelly of Metrovation represented seller Wachovia Mortgage in the foreclosure sale of a four-unit apartment building in Richmond. The property is located at 401 South 9th Street. The buyer(s) were Jose & Dora Ramirez.
Cassidy Turley BT Commercial provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.
Mark Bollozos, (415) 781-8100, email@example.com