Cassidy Turley Significant Investment Deals – May 11, 2012

Northern California Investment Division: Investment Services Group, Net Leased Investment Services, Multi-Family Group & Hospitality Group

Published on May 11, 2012


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

 

The Hess Collection 284,000 SF Winery/Warehouse/Distribution Facility Sells for $27.8 Million in American Canyon
Doug Longyear, Andy Bogardus, and Chris Sheldon with Cassidy Turley’s Net Leased Investment Services have represented the Seller in the sale of a 284,000-square-foot winery, warehouse and distribution facility in American Canyon for $27,800,000 ($97.89 per square foot). The property is located at 1166 Commerce Boulevard and is fully leased to The Hess Collection Winery.

 

75-Year Walgreens Property on El Camino Real in Sunnyvale Sells for Over $10 Million
Jocelyn Jamias with Cassidy Turley represented the buyer, a Private Investor, in the acquisition of a 14,820 square-foot retail property in Sunnyvale for $10,050,000. The seller was Sand Hill Property Company. The property is located in the heart of Silicon Valley with excellent visibility at 780 East El Camino Real in Sunnyvale, positioned between E. Remington Drive/S. Fair Oaks Avenue and S. Wolfe Road. This freestanding building was developed by Sand Hill Property Company in 2008 for Walgreens, which inked a rare 75-year triple net (NNN) lease with 10% rent increases every 10 years. The property has signalized access and includes a drive-thru pharmacy. Neighboring tenants include Best Buy, PetSmart and Panda Express. This was the buyer's upleg in a 1031 Exchange transaction. 

 

Top Rated 80-Room Yosemite Gateway Hotel Sells to Investor
Eric Gunderson with Cassidy Turley’s Hospitality Group represented the Buyer in the off-market acquisition of the Shilo Inn & Suites Oakhurst. The property will remain under the Shilo flag on an interim basis but will be known as the Yosemite Southgate Hotel. The popular 80-room Shilo Inn & Suites was rated the #1 hotel in Oakhurst on TripAdvisor at time of sale. The Yosemite Southgate Hotel is positioned at the gateway to Yosemite National Park and is nearby other local attractions such as Badger Pass, Chukchansi Gold Casino, and Coarsegold.

 

37-Unit Apartment Complex Near Downtown Burlingame Goes for $7.5 Million
Jocelyn Jamias with Cassidy Turley’s Multi-Family Group co-represented with Marcus & Millichap both Buyer and Seller in the sale of a 37-unit apartment complex in Burlingame. The property sold for over $7,500,000 ($202,702 per unit), with the Buyer paying all closing costs. The apartments were not on the market at the time of sale. The property is located at 1415 Floribunda Avenue, just a few blocks from the city's downtown core of national retailers, boutique shops and restaurants.  It is also within walking distance to the Public Library, City Hall and the Burlingame Avenue CalTrain station. The property is a 3-story building built in 1963 with subterranean garage parking, a pool, an elevator and laundry facilities on each floor. There are 37 spacious units comprised of: (3) 2br/1ba units, (21) 1br/1ba units and 13 studios. This was a 3.5-month escrow which allowed the Buyer to secure attractive financing and gave the Seller sufficient time to find an upleg property for their 1031 Exchange.  The Seller will be trading into a net-leased investment with a national credit tenant. In the last 10 years, the downtown Burlingame apartment market has averaged one sale per year in the 20+ units range. 

 

CVS/pharmacy Property Sells for $4.37 Million in Southwest
Bob Tuller with Cassidy Turley’s Net Leased Investment Services represented the Buyer and Seller in the sale of a 13,140-square-foot freestanding retail building located in the Southwest for $4,370,000 ($332.57 per square foot). The property is fully leased to CVS/pharmacy until 2024.

 

Boart Longyear Property in Southwest Drills in Price of Nearly $4.3 Million
Andy Bogardus, Doug Longyear, Rick Sanner, and Bob Sanner with Cassidy Turley’s Net Leased Investment Services have collaborated to broker the sale of a 19,841-square-foot industrial property in the Southwest for $4,290,000 ($216.22 per square foot). The property is fully leased on a triple-net (NNN) basis to Boart Longyear, the leading provider of mineral exploration drilling services and drilling products in the world.  Bogardus and Longyear represented the Seller and the Sanners represented the Buyer in the transaction.

 

New 20,707 SF Dollar General Food Market in Southeast Sells for Nearly $3.65 Million
Bob Tuller, Rick Sanner and Bob Sanner with Cassidy Turley’s Net Leased Investment Services collaborated to broker the sale of a new 20,707-square-foot retail/market in the Southeast for $3,642,000. The property is fully leased to Dollar General Market dba DG Market for 15 years on a triple net (NNN) basis. The DG Market food store concept offers in addition to Dollar General’s typical home and apparel items, a wider selection of grocery, frozen and dairy items plus fresh produce and fresh meat at value prices. The size of the DG Market food store is more than twice the size of the company’s typical ±9,000-square-foot store. Tuller represented the Buyer in the transaction and the Sanners represented the Seller.

 

18-Unit Apartment Complex in Redwood City Sells for $2.2 Million
Jamie D’Alessandro, Matthew Thomson, Brian Henry and Justin Sieber with Cassidy Turley’s Multi-Family Group teamed up to represent both parties in the sale of an 18-unit apartment building in Redwood City for $2,200,000 ($122,222 per unit).  The property is located at 2451 Middlefield Road, strategically set in a prime rental neighborhood and providing close proximity to public transportation, Woodside Road and Highways 101 & 280. The multi-story building is comprised of ten (10) 1br/1ba units and eight (8) studio units. It also contains two (2) private enclosed garages. Redwood City is considered one of the healthiest and most attractive submarkets on the peninsula. Thomson and D’Alessandro represented the Seller and D’Alessandro, Henry and Sieber represented the Buyer in the transaction.

 

11-Unit Multi-Family Property in Great Mountain View Location Sells for $2.2 Million
Brian Henry and Jamie D’Alessandro with Cassidy Turley’s Multi-Family Group represented both parties in the sale of an 11-unit multi-family property in Mountain View for $2,200,000 ($200,000 per unit). Henry represented the Seller and also teamed up with D’Alessandro to represent the Buyer in the transaction. The sale was part of a 1031 exchange for the buyer.  The property is located at 1870 California Street and consists of two 2-story buildings, which recently completed a full exterior renovation. The strong unit mix consists of (1) 2br/2ba single family house, plus (2) 2br/1.5ba, (2) 2br/1ba, and (6) 1br/1ba residential units. The property is also equipped with a spacious laundry room. 1870 California Street provides convenient access to many amenities, including the San Antonio Shopping Center, Target, the several retail establishments along main thoroughfare El Camino Real as well as Downtown Mountain View. It is also close to major freeways 101, 85 and 280.


Miramar Manor Apartments in Strong Santa Clara Community Sold for Over $2.1 Million; Property Receives Multiple Offers and Closes in 30 Days
Justin Bautista, Brian Henry and Vinay Bhatia with Cassidy Turley’s Multi-Family Group have collaborated to represent both Buyer and Seller in the sale of the 12-unit Miramar Manor apartment complex in Santa Clara for $2,140,000 ($178,333 per unit).  There were seven offers received and the property sold all-cash with a 30-day close. The property is well located at 3725 Miramar Way and consists of one building offering (2) large 3br/2ba and (10) 2br/1ba units. All units face the interior courtyard. The property is strategically positioned at the eastern end of Santa Clara along the border of Sunnyvale amidst a strong apartment community. It is centrally located within the Silicon Valley near the intersection of Lawrence Expressway and main thoroughfare El Camino Real and is also close proximity to several retail shopping centers, restaurants, parks, schools as well as a CalTrain station. Bautista and Henry repped the Seller and Bautista, Henry and Bhatia all repped the Buyer in the transaction.

 

Dollar General Property in Southeast Sells for $1.75 Million
Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services brokered the sale of a 9,100-square-foot freestanding retail property in the Southeast for $1,750,000 ($192.31 per square foot). The property is fully leased to Dollar General, the nation's largest small-box discount retailer. The Sanners represented both Buyer and Seller in the transaction. Dollar General has 10,000 + stores, more than any other retailer.  It is also the largest dollar store chain, based on revenue, profit and by market cap.

 

Bank-Owned 32-Unit Fawn Terrace Apartments in Sacramento Sells for Over $1.6 Million
Ric Russell and Scott MacDonald with Cassidy Turley’s Multi-Family Group represented the Seller in the bank-owned sale of the 32-unit Fawn Apartments complex in Sacramento for $1,625,000 ($50,781 per unit). The Fawn Terrace Apartments consists of four buildings on ±1.30 acres composed of (22) 1br/1ba and (10) 2br/1ba units. Located at 3895 Annadale Lane, the property is situated in a proven Sacramento rental submarket.

 

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 3,600 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, our Northern California 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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