Cushman & Wakefield Advises Rare Sale of Carmel Rancho II Shopping Center on Monterey Peninsula for $13.55 Million

CARMEL, Calif., August 19, 2019 – Cushman & Wakefield is pleased to announce the sale of the Carmel Rancho II Shopping Center (“CRSC II”), a neighborhood shopping center in Carmel (Monterey County), California, which sold for $13.55 million. The seller was Beeman Family Trust, which had owned the property since it was originally built in 1959. Michael Schoeder and Josh Jones with Cushman & Wakefield Monterey together with Dan Wald of the firm’s Retail Investment Advisors Group in San Francisco represented the seller in the transaction. The buyer was a Private Capital buyer out of San Francisco, which acquired the property as the up-leg in a 1031 Exchange. The buyer sold an apartment building in San Francisco as the down-leg of the exchange and was represented by Paul Radcliffe of Alain Pinel. Located at 26200 and 26536-26549 Carmel Rancho Blvd., CRSC II comprises 44,676 square feet of rentable retail [...]

By |2019-08-19T16:32:07-04:00August 19th, 2019|In the News|0 Comments

Silicon Valley’s Office/R&D Markets Off to Slow Start in 2019 but Demand Strong and Large Transactions Coming

Owner Appetite Remains Hearty for Tech-Driven Real Estate SAN JOSE, Calif., April 22, 2019 – Cushman & Wakefield’s latest market reports for Silicon Valley’s Office and R&D sectors revealed a sluggish start to 2019, after having combined for a robust 2.85 million square feet (msf) of occupancy growth in 2018—largely stemming from the office sector. While the office market did continue its growth trend reporting another 269,000 sf of positive net absorption in the first quarter, the R&D sector finished with a negative 265,000 sf, leading to a virtual wash between the two sectors. Notably, both sectors maintain very healthy single-digit vacancies coupled with rent growth, while demand remains strong. “Historically, the early part of the year can start slow in the Silicon Valley commercial real estate market and that is exactly what happened in 2019,” said Julie Leiker, Cushman & Wakefield’s Market Director for Silicon Valley. She added, [...]

By |2019-04-22T12:15:53-04:00April 22nd, 2019|In the News|0 Comments

Multifamily Developer Acquires Church/School Property in Fremont – Cushman & Wakefield Represents Seller

FREMONT, Calif., April 4, 2019 – Cushman & Wakefield announced today that a 2-acre property in Fremont, California, currently a church and school facility, has sold to a Bay Area-based multifamily developer for $8.525 million. The buyer, Roberts Fremont, LP, intends to construct brand new townhomes on the site.  Located at 41354 Roberts Avenue, the property’s current R-3-18 zoning generally permits up to 18 residential units per acre, subject to possible limitations. The property, however, remained unentitled at the time of sale. Cushman & Wakefield’s San Jose sales team, comprising Miki Vierra, Tenny Tsai and Aaron Fritz, represented the seller, Redeemer Church of Silicon Valley, in the disposition. The team’s expertise in selling specialty use real estate, including developable land, schools, and church properties, combined with their strategically targeted marketing approach, generated 14 offers from a variety of highly qualified buyers. This high demand enabled the Church to successfully [...]

By |2019-04-04T19:23:36-04:00April 4th, 2019|In the News|0 Comments

KBS Signs New 76,000-Square-Foot Lease with CDK Global at District 237

SAN JOSE, Calif. (April. 4, 2019) — KBS, based in Newport Beach, California, announced today the signing of a new lease for 76,410 square feet at District 237 in San Jose, California. CDK Global, a leading provider of IT and marketing solutions for automotive retailers, signed the new lease at 250 Holger Way. The properties are owned by KBS Real Estate Investment Trust II. District 237, formerly known as Corporate Technology Centre, is a newly renovated Class A office park comprised of five buildings and offering a total of 415,000 square feet of rentable space. Each property in the office campus, 350, 300, 250, 200 Holger Way and 100 Headquarters Drive offers full frontal views of Highway 237. KBS began exterior renovations at the office park in June of 2018, and the project was fully completed in March of 2019. The new renovations allow for individually dedicated outdoor space, [...]

By |2019-04-25T13:39:26-04:00April 4th, 2019|In the News|0 Comments

Embarcadero Capital Partners Acquires 108,500 SF Value-Add Building in North San Jose

SAN JOSE, Calif., March 7, 2019 – Cushman & Wakefield announced today the firm advised PSAI Realty Partners in the disposition of 2125 O’Nel, a 108,446-square-foot office/R&D building in North San Jose, California. The buyer was Embarcadero Capital Partners, a San Francisco Peninsula-based private real estate investment, management, and development firm. The transaction closed in December 2018. Cushman & Wakefield’s Northern California Capital Markets group consisting of Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel, and Ryan Venezia represented the seller in the transaction. Erik Hallgrimson of the firm’s San Jose office along with Craig Fordyce of Colliers International provided local market advisory. “2125 O’Nel is a highly functional institutional grade property in the heart of Silicon Valley with exceptional Highway 101 visibility and offering the buyer significant near-term upside,” said Fox, Executive Managing Director. “At the time of sale, the building was 100% leased to a single tenant [...]

By |2019-03-08T11:09:11-04:00March 8th, 2019|In the News|0 Comments

South Bay Development Company Sells New Orchard Corporate Center in North San Jose

SAN JOSE, Calif., March 5, 2019 – Cushman & Wakefield announced today the firm has advised the sale of Orchard Corporate Center, a newly constructed 101,374-square-foot Class A office/R&D campus in North San Jose, California. South Bay Development Company, a Silicon Valley-based commercial real estate development company which constructed the two-building campus completed in 2017, sold the property to a private investor. Both buildings were 100% leased at the time of sale. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann, and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group advised South Bay in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices also provided local market advisory—the duo also negotiated the leases with the current tenants. “Orchard Corporate Center is a strong-performing, high quality asset fully leased to two long-term tech tenants and is surrounded by some of the world’s biggest and [...]

By |2019-03-05T16:34:52-04:00March 5th, 2019|In the News|0 Comments

Oaktree joins Ellis Partners Venture to Bring New Investment to the Pruneyard Office Towers in Silicon Valley

Campbell, CA – Ellis Partners announced today that it completed a transaction for funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to purchase a majority stake in the three-building, 365,000-s.f. Class A office component of the iconic mixed-use Pruneyard complex. Ellis Partners, which purchased the property in 2014 will retain an ownership stake and continue to manage the project. The Pruneyard Office Towers are centrally located in the heart of Silicon Valley’s West Valley submarket with prominent visibility and ease-of-access along Highway 17 and less than a 10-minute walk from downtown Campbell (via a newly improved walkway) as well as the Hamilton VTA light rail station. As part of this West Valley landmark property, the towers are directly adjacent to the recently transformed the 260,000-s.f. Pruneyard Shopping Center and a 169-room Doubletree by Hilton hotels.  The Oaktree transaction provides the new ownership group with fresh capital [...]

By |2019-02-27T15:52:59-04:00February 20th, 2019|In the News|0 Comments

KBS Signs Over 30,000 Square Feet in Leases with Berliner Cohen at Ten Almaden

SAN JOSE, Calif. (Jan. 31, 2019) – KBS, based in Newport Beach, California, announced today the signing of 33,830 square feet in leases at Ten Almaden in San Jose, California. Berliner Cohen, LLP, one of the largest and oldest law firms in San Jose serving the business and regulatory needs of private business and public agencies, renewed their lease at the property. The property is part of the KBS Real Estate Investment Trust III portfolio. Ten Almaden is a 17-story, Class A office tower in downtown San Jose that offers 309,225 square feet of rentable space. Tenants enjoy the building’s numerous amenities, including an outdoor terrace that features a custom fire pit and barbeque, in addition to views of the downtown city skyline. The property is further equipped with a tenant lounge, a fitness center with a pool, spa and locker rooms and a four-level parking garage. Ten [...]

By |2019-02-28T15:52:28-04:00January 31st, 2019|In the News|0 Comments

Silicon Valley’s Office/R&D Markets Still Dominant in 2018 – Growth Driven by the Tech Sector

SAN JOSE, Calif., January 22, 2019 – Cushman & Wakefield’s year-end office and R&D market reports for Silicon Valley revealed a strong annual performance for both sectors overall in 2018. As one of the world’s most dominant and innovative tech markets, these two real estate sectors combined to hit 2.5 million square feet (msf) of positive net absorption, or occupancy growth, across the valley in 2018. After a soft first half plagued by deep occupancy losses, the R&D sector quickly shifted course in the second half with red hot growth. Meanwhile, with gains in all four quarters, the office market had one of its strongest occupancy showings on record. Julie Leiker, Cushman & Wakefield’s Market Director for Silicon Valley, said, “The office sector achieved 1.8 msf of occupancy growth in 2018, nearly doubling its growth totals for both 2017 (960,000 sf) and 2016 (973,000 sf). Putting this robust figure into [...]

By |2019-01-22T15:30:27-04:00January 22nd, 2019|In the News|0 Comments

Silicon Valley’s Office/R&D Sectors Report Significant Growth in Q3 combining for over 1.9 MSF Net Absorption

Office Market may be Headed for Record Year, while R&D Market Rebounds SAN JOSE, Calif., October 15, 2018 – Cushman & Wakefield’s newly released office and R&D market reports for the third quarter of 2018 showed strengthening occupancy growth, with both sectors combining for more than 1.9 million square feet (msf) of positive net absorption. The R&D market contributed over 1.3 msf of growth with the office market adding another nearly 600,000 sf in Q3. Under the strain of two quarters of lackluster performance, the R&D sector broke through in the third quarter with a surge in deal velocity, a stabilization in net absorption and increased rents. And in the office sector, after three standout quarters it seems apparent that 2018 will not only outperform 2017 but may rival the record-setting growth of 2015. Julie Leiker, Cushman & Wakefield’s Market Director for Silicon Valley, said, “Year-to-date office net absorption has [...]

By |2018-10-15T16:33:52-04:00October 15th, 2018|In the News|0 Comments