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

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 |2019-03-08T11:09:11-05:00March 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 |2019-03-05T16:34:52-05:00March 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 |2019-02-27T15:52:59-05:00February 20th, 2019|In the News|0 Comments

Graymark Capital Makes $45,250,000 R&D Acquisition In Sunnyvale, Ca

San Francisco, CA, February 2019 – Graymark Capital, Inc., in partnership with a major real estate private equity fund, has acquired a 78,623 square foot single tenant R&D building for $45.25 million. 785-787 N. Mary Avenue is a two-story R&D property located in the Peery Park submarket of Sunnyvale, CA with direct access to Highways 101 and 237. The property was constructed in 1980 and subsequently modified to an open floor plan with an R&D component. Sitting directly across from Irvine Company’s future 1.3 million square foot Pathline Park project, the project benefits from the new Peery Park Specific Plan designed to increase density and attract major technology firms to the area. The property is 100% leased to a leading global technology tenant based in Silicon Valley. Other major tenants in the Peery Park submarket include LinkedIn, Mercedes, Nokia, Volvo, Synopsis, Proofpoint and Corning. The project was purchased under Graymark’s [...]

By |2019-02-28T14:46:57-05:00February 18th, 2019|In the News|0 Comments

Paragon Commercial Group Sells Rare Bay Area In-N-Out Burger Ground Lease

SAN JOSE, Calif., January 29, 2019 – Paragon Commercial Group, LLC (Paragon), one of California’s most prolific retail development firms, has completed the sale of a rare In-N-Out Burger ground lease to a private Bay Area buyer for $6.925 million. Paragon began work in 2014 to acquire the former parking lot site from a Lowe’s Home Improvement and concurrently entered into a ground lease with In-N-Out Burger for a single tenant restaurant. The restaurant is currently under construction and is expected to open in Q1 2019. “We are thrilled with the outcome on the sale of this first-class asset and we’re even more excited about the opportunities to come in 2019.  Paragon remains bullish on value-add retail opportunities throughout Northern California and we anticipate acquiring a couple hundred million in Northern California retail assets in the very near term,” said Patrick McGaughey, Paragon’s Northern California Director of Investments. The [...]

By |2019-02-28T15:54:51-05:00January 29th, 2019|In the News|0 Comments