Cassidy Turley Significant Investment Deals | Northern California Offices – September 5, 2013

Published on September 05, 2013


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

South Bay Sells 98,391 SF Water Plaza Tower I Building in Campbell to RW9 REIT
Eric Fox, Erik Hallgrimson, Tucker Beim, Robert Gilley, and Steve Hermann with Cassidy Turley have joined forces to represent both parties in the investment sale of the 98,391-square-foot Water Plaza Tower I in Campbell. RW9 REIT Acquisition, LLC acquired the multi-tenant office/retail building located at 300 Orchard City Drive from South Bay Development Company. Water Plaza Tower I is home to a variety of tenants including San Andreas Regional Center, Catapult Marketing, and Mimosa Networks. The project is located in the heart of downtown Campbell, a thriving commercial district with numerous amenities that are walkable from the project.  


Rockpoint/Embarcadero JV
 Sells 163,374 SF Vacant Office/R&D Portfolio in Sunnyvale’s Moffett Park
Robert Gilley, Steve Hermann and Eric Fox  with Cassidy Turley represented  a joint venture between Rockpoint Group and Embarcadero Realty Partners, LLC in the investment sale of a 163,374-square-foot office/R&D portfolio in Sunnyvale. The portfolio consists of two fully vacant buildings on separate parcels located at 1265 & 1272 Borregas Avenue in the city’s highly sought-after Moffett Park area. Both buildings have corner identity with monument signage on Borregas Avenue. The portfolio was acquired by Swift Realty Partners for an undisclosed price. The buildings are located nearby some of the Silicon Valley’s most prominent companies, such as Juniper Networks, NetApp, Lockheed Martin, Amazon, Microsoft, HP, Google and Yahoo!.  The buildings have tremendous transportation access due to their location near Highways 237 and 101, VTA Light Rail, and accessibility to Caltrain.


Epoch Realty Acquires
 Fully Leased ±123,000 SF Office Building in North San Jose  
Eric Fox, Robert Gilley, Steve Hermann and Jon Decoite with Cassidy Turley have joined forces to broker the investment sale of a ±123,000-square-foot office building in North San Jose. The buyer was Epoch Realty. Located at 2665 North First Street, the multi-tenant office building was fully leased at the time of sale, with its key tenant being a division of Samsung. Epoch plans to complete a multimillion-dollar renovation on the property. 

 

Cassidy Turley Mortgage Services Closes an $18.2 Million Acquisition/Reposition loan on a 169,078 SF Class A Office Building in Sacramento
Kurt Scheidt, Terry Daly, and Rick Lafranchi with Cassidy Turley closed an $18.2 million acquisition/reposition loan on 770 L Street, a 169,078-square-foot Class A office building in Sacramento, California.  The Cassidy Turley team arranged a 5 year, non-recourse, interest only, Libor-based loan on behalf of PB&J and Center Square Investment Management. The 13-story, architecturally significant, multi-tenant property is strategically located in the heart of Sacramento's financial, business and government district. Tenants include prominent law firms, lobbyist groups, and corporate tenants.

 

Cassidy Turley Mortgage Services Closes $11 Million of Equity Capital for 30 High End Single-Family Homes in Santa Barbara
Kurt Scheidt, Terry Daly, and Rick Lafranchi with Cassidy Turley have closed on $11 million of equity capital for two brand new residential developments that will consist of a total of 30 single-family homes in Santa Barbara.  The Cassidy Turley team arranged the capital with Holt Residential on behalf of the Oak Creek Company.  The two new developments are known as the Knoll, located at 533 N. Patterson Avenue and the Boulders, located at 4700 Via Los Santos.

 

Cassidy Turley Mortgage Services Closes $10.15 Million Take-Out Financing of 47,281 SF Mixed-Use Building in Berkeley
Kurt Scheidt, Terry Daly, and Rick Lafranchi with Cassidy Turley have closed the $10.15 million take-out financing of a 47,281-square-foot mixed-use building in Berkeley on behalf of Sansome Pacific & Somera Capital.  The Cassidy Turley team arranged a 10-year, non-recourse loan amortized over 30 years. The lender was a Life Company. The property is located at 2190 Shattuck at the corner of Allston and Shattuck and is comprised of a recently remodeled two-story building featuring office over retail, with aWalgreens located on the ground floor.It is adjacent to a BART station.

 

KT Properties Purchases ±1.87 Acres in Downtown San Jose for Development of Two New Resi Towers
Maryanna McSwain and Erik Hallgrimson with Cassidy Turley represented both buyer KT Properties and seller Boccardo Corporation in the sale of ±1.87 acres of prime land in downtown San Jose for an undisclosed price. Located at 175 North San Pedro Street, the property is positioned between West St. James Street, North San Pedro Street, West St. John Street and Terraine Street. KT Properties reportedly plans two residential towers with more than 600 units on the site. The towers will be positioned on the northeast corner and northwest corner of the block along West St. James Street, with retail extending along North San Pedro Street. The property is very well located adjacent to San Pedro Square and is walking distance to the many downtown amenities and SAP Center (former HP Pavilion). It also provides immediate access to Highway 87. KT Properties is a strong believer in downtown San Jose and has been involved in the development and/or construction of two other major residential projects in downtown San Jose, Axis and One South Market.

 

Lennar Acquires Redwood City Site for New 196-Unit Apartment Development
Ben Paul, Bill Sawyer and Sam Wright with Cassidy Turley teamed up to represent multiple owners in the sale of  ±1.15 acres on four adjoining parcels at Main and Marshall streets in downtown Redwood City. The buyer, Lennar Multifamily West, has received city approval to construct a mixed-use project on the site, including 196 apartment units, three levels of parking and 3,000 square feet of retail space. The project, commonly referred as 601 Main Street, will replace existing residential and commercial space.

 

Munari Winery (Historic Stevenot Winery) and Dragone Ranch Sold to Respected Napa Winemaker and Group
Ken Reiff, Mike Cattuzzo and Greg Margetich with Cassidy Turley represented the Seller in the REO sale of the Munari Winery (former Stevenot Winery) and the neighboring historic Dragone Ranch properties in Murphy’s, CA. Combined, the properties total ± 358 acres. A real estate investment group, ARO Partners, based in Carlsbad purchased the land from BaySierra Financial, a mortgage lender in Santa Rosa which took ownership of the property in spring 2012 after it fell into foreclosure. ARO Partners, led by winemaker Matthew Rorick, will continue to operate the site as a winery, but will reportedly need about a year to develop a plan for it.

The former Stevenot Winery was founded in 1978 and was among the first wineries in Calaveras County. 

 

Newly Renovated 95-Room Comfort Suites Hotel Sells in Strong Oregon Hospitality Market, Near Oregon State University
Sofi Choi, Vice President of the Hospitality Division at Cassidy Turley represented the Seller in the investment sale of the Comfort Suites Hotel in Corvallis, Oregon. The property consists of a newer ±63,000-square-foot, single-building hotel with 95 guest rooms (including seven residence stay rooms), two meeting rooms,  indoor pool and spa, fitness center, guest laundry and breakfast area. The property is beautifully appointed with antique columns and lighting fixtures imported from Argentina and Costa Rica, which highlight the richly designed lobby and breakfast area. In 2011, the property underwent significant renovations worth over $1 million dollars for the brand conversion from the well-known Salbasgeon Inn and Suites to the Comfort Suites brand. Located in one of the strongest hospitality markets of Oregon, the hotel is positioned near downtown along a well-traveled commercial road surrounded by retail amenities and services Oregon State University. It is also located within two hours of Portland. 

 

34-Unit Apartment Complex Sells in Ideal West Redwood City Location
Jamie D'Alessandro and Matthew Thomson with Cassidy Turley have collaborated to represent both parties in the sale of a 34-unit apartment complex ideally located in west side Redwood City. Located at 440 Poplar Avenue, the complex is comprised of (28) 1-bd/1-ba units and six 2-bd/1-ba units. D'Alessandro represented the seller and Thomson represented the buyer in the transaction.

 

DCT Industrial Trust Adds to Portfolio with Acquisition of ±43,000 SF Industrial Building in Hayward
Jay Hagglund and Jeff Starkovich with Cassidy Turley represented DCT Industrial Trust in the purchase of a ±43,000-square-foot freestanding industrial building on ±4.32 acres in Hayward. DCT acquired the building located at 1950 Alpine Way, positioned in the Hayward North Crocker II industrial park. The property consists of ±5,500 square feet of office space, dock and grade loading, and a large fenced yard with exterior lighting. Hagglund and Starkovich have been retained by DCT as the marketing agents of the property and are currently offering the entire building and/or the excess land for lease. DCT owns and operates 74.9 million square feet of high-quality bulk distribution and light industrial properties in North America.

 

Chuy’s Tex-Mex Restaurant Property Sold for $4.1 Million in Orlando
Rick Sanner and Bob Sanner (The Sanner Team) and Mike Connor, all with Cassidy Turley, collaborated to represent both Buyer and Seller in the sale of a 7,487-square-foot restaurant building in a suburb of Orlando for $4,100,000 ($548 per square foot).  The property is fully leased to Chuy’s, which recently opened this location, its first in the Central Florida market, earlier this year. Founded in Austin, Texas in 1982, Chuy’s (CHUY), which went public last year, is a fast-growing, value-driven, full-service restaurant concept offering a distinct menu of authentic, high-quality Mexican food. There are currently more than 40 Chuy’s restaurants across nine states.

 

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 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, 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 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 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 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 3,600 transactions, totaling over $4.9 billion in 2012.


Contact:

Mark Bollozos
415.781.8100

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