Cassidy Turley Significant Deals in Northern California – January 10, 2013

Published on January 10, 2013


Cassidy Turley, a leading commercial real estate services provider in the U.S., today announced

Investor Buys ±125,000 SF Santa Teresa Village Shopping Center in South San Jose for $31.6 Million

Kevin Sweatt with Cassidy Turley and James Gaglione of Kidder Mathews teamed up to facilitate the sale of Santa Teresa Village on behalf of Retail Opportunity Investments Corporation, a Maryland corporation. ROIC, a publicly traded REIT, acquired the 124,792-square-foot Santa Teresa Village shopping center in South San Jose for $31,600,000 ($253.22 per square foot) in a transaction that closed in under 30 days. The seller was Santa Teresa Village, LLC. The neighborhood center is located at the corner of Santa Teresa Boulevard and Bernal Avenue. Tenants include Nob Hill Foods, Ace Hardware, Goodwill, Flames Coffee Shop, Taco Bell, Subway, Curves, and Carl’s Jr. The center is positioned across the street from the Bernal Business Center.


Openwave Mobility & Openwave Messaging Lease 36,523 SF at World Class Pacific Shores Center in RWC
Mike Moran, Ben Paul, Mike Connor, Clarke Funkhouser and Kevin Waldman all with Cassidy Turley successfully brokered a 36,523-square-foot lease on the 4th floor at 1600 Seaport Boulevard at the prestigious Pacific Shores Center in Redwood City between a joint venture owned by Starwood Capital Group and Blackstone Real Estate Partners, and companies Openwave Mobility, Inc. and Openwave Messaging, Inc. Openwave Mobility is a global software innovator of value-added services for the mobile telecommunications industry, and Openwave Messaging is the leading global provider of innovative messaging software. Moran, Paul and Connor represented the landlord, and Funkhouser and Waldman represented both Openwave Mobility and Openwave Messaging in the transaction.

Openwave Mobility and Openwave Messaging are among several companies to have completed deals at Pacific Shores Center, a Class A+ campus that has seen its occupancy increase swiftly to approximately 94% in the last five months. The project has signed a slew of deals between 5,000 square feet to as much as 290,000 square feet during the past 24 months, consisting of a combination of new, renewal, expansion, sublease, and owner/user sale transactions.

Located on the shores of the San Francisco Bay, Pacific Shores Center is a world-class campus environment composed of 10 buildings totaling ±1.7 million square feet. The Center features a 38,000-square-foot fitness center, full baseball/softball fields, and a 3-mile nature walk along adjacent wetlands. The majority of the buildings (6) in the project are owned by a joint venture owned by Starwood Capital Group and Blackstone Real Estate Partners, with Shorenstein Properties (2) and Informatica (2) also owning buildings. For more information, visit www.pacificshores.com.


Bestronics Growing Occupancy Threefold into 71,750 SF in San Jose’s International Business Park
Mary Wadden, Dan Hollingsworth, Steve Pace, Brett Krouskup and Karen Sigl all with Cassidy Turley successfully collaborated to broker the long-term lease of an entire 71,750-square-foot building in North San Jose between owner LBA Realty and tenant Bestronics. The high-image corporate facility is located at 2090 Fortune Drive, positioned in the City’s International Business Park. Bestronics, a leading electronic manufacturing services provider, signed a long-term lease and is scheduled for occupancy in the first quarter of 2013. The company will be relocating and expanding its operation from virtually around the corner on Ringwood Avenue.

“This allows us to significantly expand our manufacturing footprint so that we can better serve our current customers and potential future customers" said Nat Mani President of Bestronics. "It was extremely important for us to be able to expand close to our current operations in Silicon Valley so that our customers, suppliers and employees will have a seamless transition."

Wadden soley represented Bestronics in the transaction, with Hollingsworth, Pace, Krouskup and Sigl teaming up to represent LBA Realty.

Hollingsworth said, “This reflects a continuing trend by high-tech manufacturers in Silicon Valley to expand their operation in North San Jose. The long term lease commitment underscores the growing vitality of this area and the attractiveness of this location.”

For over 20 years, Bestronics has provided a wide variety of electronic manufacturing services to various customers in Silicon Valley and beyond. Bestronics serves a variety of customers in high technology, industrial, medical, instrumentation that seek very high quality manufacturing solutions. Bestronics' prime location in Silicon Valley enables it to be very responsive and flexible for clients who prefer a local manufacturing partner. For questions please contact Bestronics at (408) 432 3222 or Nat Mani (nm@bestronicsinc.com).


Sunnyvale City Center Continues to Gain Tenants, Class A Project Adds AppSense, Inc. and GoDaddy
Steve Horton and Kelly Yoder with Cassidy Turley in collaboration with Jeff Houston of CBRE represented property owner JP Morgan in a pair of new leases at the Sunnyvale City Center office complex in downtown Sunnyvale. The new tenants joining the prestigious Class A project will be AppSense, Inc., which signed a long-term lease agreement for 22,465 square feet, and GoDaddy Operating Company dba GoDaddy.com, which leased 8,160 square feet. Both companies took space at the 100 Mathilda Place building.

Sunnyvale City Center is a three-building, ±472,358-square-foot Class A corporate campus built just over a decade ago. Currently roughly 95% leased, the project’s marquee tenant is Broadcom, complemented by several dynamic mid-to-smaller size tenants. The complex boasts tremendous upscale interior and exteriors, beautiful glass lines, a fitness center, and three levels of secure underground parking. It is adjacent to the Sunnyvale Town Center and is walking distance to many restaurants, coffee shops, banks, major department stores and several specialty retailers. It is also conveniently located adjacent to a Caltrain station and nearby other public transportation.


CallSocket Buys Oakland’s Historic Dufwin Towers, Formerly Dufwin Theater
The listing team of Barry Cohn, Cynthia Lee, Brian Collins and Adam Peterson with Cassidy Turley represented seller AXS Opportunity Fund in the sale of the historic 53,700-square-foot Dufwin Towers in Oakland. The buyer was CallSocket, an international call center services company based in Oakland, which will utilize the building as a call center. Located at 519 17th Street, Dufwin Tower is favorably situated in the middle of the downtown core of the Oakland CBD. As part of the new Uptown neighborhood, it sits in between the two most highly desirable areas of Oakland’s business environment - City Center and Lake Merritt. Dufwin is located just one block from the 19th Street BART station, a major transfer station for all BART lines, and provides excellent freeway access to freeways 980, 580, 880 and 80.

The Dufwin Theater building (better known as “The Roxie” in its day) opened on October 8, 1928 and was named after Henry Duffy, a theater producer, and his wife, actress Dale Winter (combing the first syllables of their surnames). Following the Great Depression, the theater re-emerged as The Roxie and was a premier movie house from the 50’s until the 80’s when it closed. The Roxie ran all the first-run motion pictures and was the place to see and be seen. In the late 80’s and early 90’s the building underwent a major upgrade and transformation to its current incarnation, an office building.


CC Industries Buys ±109,000 SF Caterpillar Tractor Facility in Hayward; Expanding Bus Manufacturing Operation
Jay Hagglund with Cassidy Turley represented seller Caterpillar Tractor Co. in the sale of its 108,700-square-foot warehouse facility on ±6.53 acres in Hayward. The buyer was CC Industries, the parent company of GILLIG, which manufactures and sells heavy-duty transit buses. Considered a trophy property, the facility is well located at 25972 Eden Landing Road and provides excellent Highway 92 visibility and access via Eden Landing interchange. GILLIG will be expanding its operation from its larger ±180,000-square-foot manufacturing plant located right across Highway 92 off Clawiter Road. Caterpillar (CAT) is the largest maker of construction and mining equipment in the world. GILLIG was founded over 115 years ago, in 1890, in San Francisco, and today is the second largest producer of transit buses in North America.


YK Pak, LLC Purchases 64,900 SF Industrial Building in Santa Clara for $5.4 Million
Derik Benson with Cassidy Turley in collaboration with Jon Stansbury of Terranomics Retail Services represented seller Laurelwood Properties in the sale of a 64,900-square-foot warehouse/manufacturing building in Santa Clara for $5,386,700 ($83 per square foot). The buyer was YK Pak, LLC. The property is located at 3100 Molinaro Street and features excellent visibility off of Highway 101. The building is partially leased to MMM Carpets.


Terreno Realty Corp. Invests in 47,000 SF Industrial Property in San Jose, Buys for Approximately $4.2 Million
Jim Kovaleski and Craig Kovaleski with Cassidy Turley represented both buyer, Terreno Realty Corporation, and seller, Dai On Investments, LLC, in the investment sale of a 47,000-square-foot multi-tenant industrial building in North San Jose for approximately $4,200,000 (±$87 per square foot). The property is currently 71% leased to two tenants. The front load distribution building is located at 631 Brennan Street adjacent to the Montague Expressway, US 101 and I-880, approximately two miles from Mineta San Jose International Airport. The Kovaleskis were also retained by Terreno Realty to market the remaining vacant space on a for-lease basis. Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.

 

Cassidy Turley 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.

 

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, Cassidy Turley’s market leadership is demonstrated by completion of over 3,300 transactions, totaling over $4.3 billion in 2011.


Contact:
Mark Bollozos
415.781.8100

 

 

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