Latest Leases and Sales Closed by Cassidy Turley in Northern California Jan 7, 2014

Published on January 07, 2014


San Francisco, CA - January 07, 2014 - Cassidy Turley, a leading commercial real estate services provider in the U.S., announces the following transactions originated in the firm’s Northern California offices:

RocketFuel Roaring at Pacific Shores Center, Adds Another 34,205 SF to Occupancy for Entire ±141,200 SF Building at Prestigious Campus

The joint venture of Starwood Capital Group and Blackstone Real Estate Partners has completed a 34,205-square-foot Class A office lease expansion at the prestigious Pacific Shores Center in Redwood City with RocketFuel, a growing advertising company that celebrated a successful $116 million IPO a few months ago. The space will coincide with an existing lease RocketFuel had signed back in August for an initial 105,775 square feet on three floors, but which has yet to commence. This secondary lease, which represents another full floor, will now grant the company full occupancy of the 4-story building located at 1900 Seaport Blvd. RocketFuel will soon be relocating and expanding nearly fivefold from approximately 30,000 square feet at 350 Marine Parkway, keeping its offices in Redwood City. Mike Moran, Ben Paul and Mike Connor with Cassidy Turley represented the landlord(s) in each of the RocketFuel 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. For more information, visit www.pacificshores.com.

 

Digital Insight Corporation Relocating Corporate HQ to Prestigious Pacific Shores Center in RWC
The joint venture of Starwood Capital Group and Blackstone Real Estate Partners has completed a 34,205-square-foot Class A office lease at the prestigious Pacific Shores Center in Redwood City with new tenant Digital Insight Corporation. Recently acquired by NCR Corporation, Digital Insight, an online and mobile banking solutions firm, penned a long-term lease agreement for the entire third floor of the building located at 1300 Seaport Blvd. Digital Insight is scheduled to relocate its current corporate headquarters from neighboring Menlo Park next spring.  Mike Moran, Ben Paul and Mike Connor with Cassidy Turley represented the landlord(s) in the transaction.

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. For more information, visit www.pacificshores.com.

 

Induspac California, Inc. Signs Long-Term Deal for 87,416 SF Industrial Facility in Hayward
Property owner Davis Forbes Partners, L.P. has completed a long-term lease with new tenant Induspac California, Inc. for the entire 87,416-square-foot manufacturing/distribution facility located at 21062 Forbes Street in Hayward, which is part of a two building +/-160,000 sf Class A warehouse development. The freestanding property features 2,700 sf of new office space, 6000 amps of heavy power, sprinklers, 18 docks and 10 drive-in doors with a large +/-1 acre wrap-around yard and over 1/1000 parking. The property was formerly home to American Lithographics. Induspac is a specialized packaging group headquartered in Canada. Jay Hagglund and Paul Beckwith with Cassidy Turley represented the landlord in the transaction.

 

Class A Pruneyard Office Tower Grows Tech Base, Expands Startup HopTo and Adds New Tenant Sazze
Equity Office Properties has recently signed a pair of leases at the Pruneyard office campus in Campbell with tech companies HopTo (formerly Graphon Corporation) and Sazze. Existing tenant HopTo, a mobile productivity app developer, will be expanding its occupancy, while Sazze, the parent company to a number of fast-growing eCommerce sites, will be relocating to 1901 South Bascom Avenue. HopTo leased 10,589 square of space on the sixth floor of 1919 South Bascom Avenue and will be more than doubling its presence in the project. Sazze leased 9,482 square feet of space on the fifth floor of 1901 South Bascom Avenue, as the company will be relocating its headquarters from Santa Clara. Bob Simpson and Todd Beatty with Cassidy Turley represented Equity Office Properties in the transactions.

The Pruneyard office campus is a three-building project totaling ±362,948 square feet of Class A office space. As part of the larger Pruneyard Shopping Center, the project boasts an on-site hotel, restaurants, retail, entertainment and other professional services. Highly visible along Highway 17, the project also boasts convenient access to Highways 17 and 85 and Interstates 880 and 280.

 

Bay Tool & Supply Leases 59,849 SF Warehouse Building, Relocating/Expanding Twofold in Milpitas
Bay Tool and Supply has leased the entire 59,849-square-foot building at 1001 Yosemite Dr. in Milpitas. Bay Tool & Supply will be relocating and expanding nearly twofold from nearby at 166 South Milpitas Blvd. Owned by EastGroup Properties, LLC, the building provides immediate access to Interstate 880. Jim Kovaleski and Craig Kovaleski with Cassidy Turley represented Bay Tool & Supply in the transaction.

 

SALES

 

Cassidy Turley Brokers Sale of SSF Logistics Center; Orchard Partners & Angelo Gordon & Co./Centrum Properties Sell 462,316 SF Facility to Invesco
Orchard Partners and Angelo Gordon & Co./Centrum Properties have successfully closed the sale of the SSF Logistics Center, a 462,316-square-foot warehouse/distribution facility in South San Francisco, to Atlanta-based Invesco Real Estate. Jason Cranston and Doug Longyear, brokers in Cassidy Turley’s Burlingame and San Francisco offices, joined by Darla Longo of CBRE represented the seller(s) in the transaction.

Earlier this year, FedEx Ground had penned a long-term lease for the majority 418,216 square feet of space in the facility, in a deal that was negotiated by Cranston and industrial specialist Marshall Hydorn also of Cassidy Turley. That lease runs for another fifteen years. As part of that lease agreement with FedEx Ground, the owner(s) demolished 118,672 square feet of space to reduce the property from its previous 571,723 square feet, making room for a ±7.3 acre fenced secure yard area for truck and equipment parking separate from the ±489 passenger vehicle parking area. General Services Administration (GSA) still occupies roughly 34,000 square feet, and a new 9,240 square foot retail building is also being constructed, with completion expected this month.

Located at 1070-1080 San Mateo Avenue and recognized as one of the largest warehouse/distribution facilities in the Bay Area now with over 450,000 square feet of space, the SSF Logistics Center is situated on ±26 acres and is located less than a mile from the San Francisco International Airport. Orchard Partners and Angelo Gordon & Co./Centrum had acquired the property in 2008 and as part of its plan to attract tenants completed a major upgrade and modernization of the center to make it one of the region’s premier warehouse/distribution facilities. Recent improvements to the site included seismic safety updates, infrastructure enhancements, tenant upgrades and installation of new buildings. The facility has previously served as a warehouse and distribution facility for the General Services Administration and U.S. Postal Service.

Cranston was retained by Invesco to continue work as a leasing agent of the property.

 

TA Associates Realty Acquires 222,593 SF Montague Square from Embarcadero Capital Partners, LLC
Embarcadero Capital Partners, LLC has recently sold Montague Square, a ±222,593-square-foot  campus composed of six office and research development buildings in North San Jose, to investor TA Associates Realty. The campus sold for an undisclosed amount. Montague Square, whose key tenants include American Medical Systems, Kawasaki Microelectronics, Ditech Networks and Objectivity, was 100% leased at the time of sale. The campus features prominent corner identity at Montague Expressway and North First Street in the heart of San Jose’s North First Street Corridor, home to some of Silicon Valley’s most prestigious technology companies. Robert Gilley, Steve Hermann and Eric Fox with Cassidy Turley represented Embarcadero Capital Partners.

Montague Square is comprised of highly functional single and two-story buildings and occupies an entire city block bordered by Montague Expressway, North First Street, Orchard Drive and Orchard Parkway. The building addresses include: 3047-3051 N First St (33,534 square feet), 3075-3087 N First St (44,825 square feet), 3099 N First St (41,420 square feet), 30 W. Montague Expy (34,170 square feet), 3052 Orchard Dr (37,624 square feet), and 3070 Orchard Dr (31,020 square feet). The property benefits from excellent access to multiple highways, a light rail transit stop in front of the property, nearby retail amenities, visibility along Montague Expressway and North First Street and proximity to the Mineta San Jose International Airport.

 

Lucille Packard Acquires ±63,000 SF Los Gatos Medical Plaza for $24.25 Million
Lucille Packard Children’s Hospital has acquired the ±62,758-square-foot Los Gatos Medical Plaza for $24,250,000 (±$386 per square foot). The seller was South Bascom Medical Professional Center. Lucille Packard purchased the two-building complex located at 14601 and 14651 South Bascom Avenue, comprised of (2) two-story buildings which  were 90% occupied at time of sale to several medical tenants, including the Silicon Valley Surgical Center. Lucille Packard intends to occupy the vacant portion of the project immediately and will then continue to grow as more space becomes available. This new location is very close to Lucille Packard’s medical facility at 14777 Los Gatos Blvd, with both locations positioned near the intersection of highways 85 and 17 in the West Valley community. Michael Speers and Mike Connor with Cassidy Turley represented the seller in the transaction. 

 

Market Street Capital Acquires 96,154 SF, 100% Leased Building in North San Jose for $17 Million
Ingber, Ingber, Griffin Trusts has recently sold a 96,154-square-foot building at 90 East Tasman Drive in North San Jose to investment buyer Market Street Capital Investors for $17,000,000 (±$177 per square foot). The partial two-story R&D/office building was 100% leased at the time of sale to Palmer Chiropractic College, which has been a tenant in the building for 20 years. The building had also completed about $1 million worth of upgrades prior to the sale. The property is located in a great location along the amenity-rich North First Street Corridor. It is one block West of Cisco Systems world headquarters and one block East of the new Samsung campus at N First St and Tasman.  There is a Light Rail stop located directly in front of the property. It also provides excellent access to freeways 237, 880 and 101, and proximity to Mineta San Jose International Airport. Dennis Chambers and Kent Hillhouse with Cassidy Turley represented the seller, Ingber, Ingber, Griffin Trusts.

 

Investor Acquires PennySaver’s 101,420 SF Southern California Headquarters
6755 Snowdrift Industrial Capital LLC has acquired a 101,420-square-foot industrial facility in Brea, CA from Orbiter Properties LLC. Located at 2830 Orbiter Drive, the property serves as the headquarters for OpenGate Capital's recently acquired PennySaver portfolio company, the largest and most well recognized weekly shopper in North America. Matt Squires and Andy Bogardus with Cassidy Turley represented both parties in the transaction.

 

1031 Trade Buyer Purchases Newly Built Walgreens Property in Portland for $8.7 Million
A San Francisco Bay Area 1031 trade buyer has acquired a brand new 14,500-square-foot freestanding Walgreens retail property in Portland, OR for $8,728,000 (±$600 per square foot). Located at a high-traffic intersection on Hwy 99E/SE McLoughlin Blvd, the property is fully leased on a triple net basis to Walgreens for 20 years. Barry Cohn and Andy Bogardus of Cassidy Turley represented the buyer in the transaction.

 

KZ Kitchen Buys 108,604 SF Warehouse Facility in Hayward for $8 Million for Expansion
KZ Kitchen Cabinet & Stone, Inc. has purchased a 108,604-square-foot warehousing facility in Hayward as part of the company’s Bay Area expansion for $8,000,000 (±$74 per square foot).  The property is located at 26250 Corporate Avenue and was sold by General Steamship International, ltd. KZ Kitchen will be occupying the majority of the building for its expanding showroom & warehousing operation.  KZ Kitchen’s new Hayward facility will complement the company’s existing ±200,000-square-foot showroom & warehousing facility in Milpitas.  The Hayward facility offers high visibility along Highway 92, at the base of the San Mateo Bridge. KZ Kitchen Cabinet & Stone, Inc. was founded in 1998 and has grown into one of the biggest and best kitchen and bath remodeling companies in the Bay Area. The company has five showrooms across the South Bay. Jay Hagglund with Cassidy Turley and Allen Dieu with GD Commercial co-represented KZ Kitchen in the acquisition.  

 

Brand New Walgreens with Drive Thru Property Sells for $7 Million in Sonoma County
An Investor has acquired a newly developed 13,650-square-foot freestanding Walgreens property in Sonoma County for $7,047,000 (±$516 per square foot). Located at the NEC of Rohnert Park Expressway & Commerce Boulevard in the city of Rohnert Park, the property is fully leased on a triple net basis to Walgreens for 20 years. The building, which just recently completed construction, includes a drive-thru. Andy Bogardus, Chris Sheldon and Tim Garlick of Cassidy Turley were involved in the brokering of the transaction.

 

18,556 SF of Space in Roseville’s North Sunrise Professional Center Sells for $6.8 Million; Space 100% Leased to Sutter Medical Foundation.
JAPAM, LLC, et al. has acquired 18,556 square feet of medical office space in Roseville for $6,800,000 (±$366 per square foot). The space is 100% leased to Sutter Medical Foundation and represents multiple suites within the larger North Sunrise Professional Center, a two-story, Class A multi-tenant building located at 568 North Sunrise Ave, positioned between Eureka Rd and E. Roseville Pkwy. The property provides great access to Interstate 80 and the Eureka/Douglas Corridor, as well as many restaurant, shopping and entertainment amenities.  Chad Cook, CCIM and Zach Mosle with Cassidy Turley represented JAPAM, LLC in the transaction.

 

Tractor Supply Company Property Sells for $5.25 Million in Suburb of Worcester, MA
An investor has acquired a 19,097-square-foot retail building fully net leased to Tractor Supply Company for $5,251,000 (±$275 per square foot) outside Worcester, Massachusetts, which is about 40 miles west of Boston.  The tenant has a long term net lease on the property. Andy Bogardus and Chris Sheldon with Cassidy Turley represented both the Seller and the Buyer in the transaction.

 

 

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.


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Mark Bollozos
415.781.8100

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