Cassidy Turley Significant Investment Deals | Northern California Offices – February 21, 2013

Investment Services Group, Net Leased Investment Services, Multi-Family Group & Hospitality Group

Published on February 21, 2013

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

Cassidy Turley Multi-Family Group in Northern California Transacts Nearly 20 Multi-Family Sales in December; Group Transacts Over 115 Multi-Family Property Sales for Year 2012
Cassidy Turley’s Multi-Family Group based in Northern California has announced that in December of 2012 it transacted nearly 20 sales.  The bulk of the sales were located in core Silicon Valley cities, with a few landing along the Peninsula, East Bay and Sacramento areas. Among the most notable transactions the Group closed during the year’s final month included the $17,500,000 sale of a collection of industrial properties located at Franklin, Monroe and Wilson streets in Redwood City, in which broker Scott Foster represented the Buyer, an apartment developer, in the transaction. The property was an assemblage of two ownerships and is now fully entitled for the development of a brand new, six-story 305-unit multi-family community. Also closing was the sale of a 45-unit apartment complex at 471 Acalanes Drive in Sunnyvale, known as the Verona Gardens, which sold for $10,250,000. Justin Bautista represented the Seller and Brian Henry represented the Buyer in the transaction.  Another of the Group’s key collaboration transactions was Brian Henry representing the Seller and Steve Crane representing the Buyer in the sale of the 38-unit Villa Verde apartment complex in Sunnyvale for $7,561,000. And lastly, Brian Henry represented the Buyer in the acquisition of a 20-unit apartment complex in Belmont for roughly $7,000,000.

The successful close to the year brought Cassidy Turley’s Multi-Family Group’s 2012 annual totals to more than 115 multi-family properties sold in Northern California comprised of approximately 1,700 units. The Group’s transactional volume totaled approximately $400 Million during this 12-month period. A majority of the properties were located in the South Bay and along the Peninsula, with sales also taking place in the East Bay extending into the Central Valley, San Francisco, North Bay and Sacramento markets. And many of the properties were well located, quality performing properties. The Group also participated in several consulting and referral business transactions during the annual period. The Group’s transactional activity grew stronger as 2012 progressed, boasting a very stout second half of the year that seemed to mirror the overall trend of the Northern California multi-family investment market.


Cassidy Turley Sells Bank of America Branch Portfolio for $23 Million
Andy Bogardus, Doug Longyear and Chris Sheldon with Cassidy Turley’s Net Leased Investment Services represented the Buyer of a package of nine banking properties leased to Bank of America in Northern California for approximately $23,000,000. The buyer was an Asian-based private investor who acquired the entire portfolio that was broken into two sub-areas—the North Bay and South Bay. Bank of America has long-term leases on the properties and will continue its successful banking operations at all nine sites.

The North Bay Area sub-portfolio consists of four retail banking properties, with branches in Danville, Lafayette, Mill Valley and San Francisco. The assets are all positioned in highly affluent areas.

The South Bay Area sub-portfolio consists of five market-leading bank branches. The properties are all located in densely populated cities, to include locations in Fremont, San Bruno, San Carlos, S. San Francisco and Union City.


Brand New FedEx Ground Distribution Property in West Virginia Sells for $7.1 Million
Doug Longyear and Chris Sheldon with Cassidy Turley’s Net Leased Investment Services represented both Buyer and Seller in the sale of a 57,200-square-foot warehouse/distribution facility in West Virginia for $7,135,278 ($124.74 per square foot). Built in 2012, the newly constructed property is fully net leased long-term to FedEx Ground. 


Two Dollar General Properties Outside Tampa, Florida Sell for Nearly $5 Million
Rick Sanner and Bob Sanner (The Sanner Team) with Cassidy Turley’s Net Leased Investment Services represented the same Seller, the developer, in the sale of two newly constructed Dollar General net leased properties located outside of Tampa, Florida for a combined value of nearly $5,000,000.  The first property was a 12,406-square-foot building that sold for $2,194,000, and the second property was a 12,480-square-foot all masonry building that sold for $2,763,000. Both properties had 15-year NNN leases in place with Dollar General. The Buyer(s) of the properties were separate parties.


New Tractor Supply Company Site Sells in Virginia
Andy Bogardus with Cassidy Turley’s Net Leased Investment Services represented the Seller in the sale of a new 19,000-square-foot freestanding retail property in Virginia that had an asking price of $3,490,000. Located on Benns Church Boulevard in Smithfield, the building was constructed in 2012 on a build-to-suit basis for and is fully net leased for 15 years to Tractor Supply Company.


Well Located Arby’s Restaurant Property in Fort Worth, TX Sells for Over $2.2 Million
Andy Bogardus with Cassidy Turley’s Net Leased Investment Services represented the Seller in the sale of a 3,000-square-foot freestanding restaurant property in Fort Worth, TX for $2,245,000 ($738.49 per square foot). Stephen Easley also of Cassidy Turley represented the Buyer in the investment transaction. Built in 2009, the restaurant is well located at 601 Alta Mere Drive and is fully leased to Arby’s. It is located across from the Ridgmar Town Center which features a Wal-Mart Supercenter and Sam’s Club.


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 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.


Mark Bollozos


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