Posts filed under 'south-bay-real-estate-news'
Sunny Acres Sells for $9.3M
Shiuh Lee and Shu-Yin Wei, trustees of the Lee-Wei Family Trust, acquired Sunny Acres Mobile Home Park at 1080 San Miguel Rd. in Concord, CA for $9.3 million, or about $52,000 per unit.The property consists of 63 tenant-owned mobile homes, 28 park-owned mobile homes, and 86 RV and travel trailer hookups.Joel Kelly of Bay Apartment Advisors represented the seller and the buyer in the deal.Please refer to CoStar COMPS #2241045 for more information…
Greer Pruitt
Apple Inks Another Large Lease in Sunnyvale
Apple Inc. has leased a new 156,000-square-foot building in downtown Sunnyvale, CA, the third large lease by the technology company in the city since last fall.Long associated with its headquarters in Cupertino, Sunnyvale's southerly neighbor, Apple will occupy the building in the Sunnyvale Town Center at 250 S. Mathilda Ave. at McKinley Avenue in about the third quarter, according to a news release from Sunnyvale City Manager Gary Luebbers.In…
Randyl Drummer
In The Pipeline: CoStar Development & Construction News for Jan. 29 – Feb. 4
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Trammell Crow, Principal Launch $1B Development ProgramPrincipal…
Randyl Drummer
February 10th, 2012 at 05:00am
Devcon Construction Buys in Santa Clara
Devcon Construction, Inc. purchased the industrial facility at 2986 Oakmead Village Ct. in Santa Clara, CA from Kimosabe Corporation for $1.775 million, or about $118 per square foot.The 15,048-square-foot building was constructed in 1979 in the Oakmead Building Park. It was 100 percent occupied at the time of sale by Micro-Chem, a developer and manufacturer of specialty chemicals.Both the buyer and the seller were represented in-house.Please…
Kate Retzinger
Latest Potential Investor In Grubb & Ellis Emerges From Talks Without Agreement
A two-week period of exclusive negotiations between Grubb & Ellis Co. and New York-based financial brokerage BGC Partners expired Tuesday without an agreement, according to a document filed with the U.S. Securities and Exchange Commission.Under the previous agreement, Grubb & Ellis provided an exclusive right to negotiate for BGC Partners, headed by chief executive Howard Ludnick, to pursue a debt or equity financing agreement or acquisition of…
Randyl Drummer
February 9th, 2012 at 07:00am
Market Trend: South Bay/San Jose's Retail Vacancy Decreases to 5.0%
The South Bay/San Jose retail market experienced a slight improvement in market conditions in the fourth quarter 2011.The vacancy rate went from 5.4% in the previous quarter to 5.0% in the current quarter. Net absorption was positive 257,239 square feet, and vacant sublease space increased by 27,405 square feet.Tenants moving into large blocks of space in 2011 include: See Grins RV moving into 125,597 square feet at 7900 Arroyo Cir; TJ…
Justin Sumner
In The Pipeline: CoStar Development & Construction News for Jan. 29 – Feb. 4
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Trammell Crow, Principal Launch $1B Development ProgramPrincipal…
Randyl Drummer
Sunny Acres Sells for $9.3M
Shiuh Lee and Shu-Yin Wei, trustees of the Lee-Wei Family Trust, acquired Sunny Acres Mobile Home Park at 1080 San Miguel Rd. in Concord, CA for $9.3 million, or about $52,000 per unit.The property consists of 63 tenant-owned mobile homes, 28 park-owned mobile homes, and 86 RV and travel trailer hookups.Joel Kelly of Bay Apartment Advisors represented the seller and the buyer in the deal.Please refer to CoStar COMPS #2241045 for more information…
Greer Pruitt
February 9th, 2012 at 05:00am
In The Pipeline: CoStar Development & Construction News for Feb. 5-11
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.ACC Begins Student Housing Project at Drexel UniversityAmerican…
Randyl Drummer
Renew or Relocate? Incumbent Landlords Willing To Sweeten the Pot
While perhaps not a nationally significant or unusual deal by itself, U.S. Cellular's renewal this past month of an office lease in Madison, WI, succinctly depicts the current state of leasing.U.S. Cellular agreed to extend its lease with affiliates of Wells Real Estate at the U.S. Cellular Building, a four-story, 102,000-rentable-square-foot office building. The Chicago-based carrier leases 73% of the building and owns a 45% equity interest in…
Mark Heschmeyer
Market Trend: South Bay/San Jose's Retail Vacancy Decreases to 5.0%
The South Bay/San Jose retail market experienced a slight improvement in market conditions in the fourth quarter 2011.The vacancy rate went from 5.4% in the previous quarter to 5.0% in the current quarter. Net absorption was positive 257,239 square feet, and vacant sublease space increased by 27,405 square feet.Tenants moving into large blocks of space in 2011 include: See Grins RV moving into 125,597 square feet at 7900 Arroyo Cir; TJ…
Justin Sumner
February 8th, 2012 at 05:00am
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
Latest Potential Investor In Grubb & Ellis Emerges From Talks Without Agreement
A two-week period of exclusive negotiations between Grubb & Ellis Co. and New York-based financial brokerage BGC Partners expired Tuesday without an agreement, according to a document filed with the U.S. Securities and Exchange Commission.Under the previous agreement, Grubb & Ellis provided an exclusive right to negotiate for BGC Partners, headed by chief executive Howard Ludnick, to pursue a debt or equity financing agreement or acquisition of…
Randyl Drummer
In The Pipeline: CoStar Development & Construction News for Feb. 5-11
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.ACC Begins Student Housing Project at Drexel UniversityAmerican…
Randyl Drummer
February 7th, 2012 at 05:00am
GREEN LEAD | Green Building News from CoStar
GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement.Send in your Green News Leads to news@costar.comLatest Research on Green Real Estate Now Available
Justin Sumner
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
February 6th, 2012 at 05:00am
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
February 5th, 2012 at 07:00am
GREEN LEAD | Green Building News from CoStar
GREEN LEAD is a column on environmental and sustainable design and construction, best practices for green building maintenance and operations, economic impact on developers and owners, new LEED and Energy Star building certifications, and trends in the Green Building movement.Send in your Green News Leads to news@costar.comLatest Research on Green Real Estate Now Available
Justin Sumner
Real Estate Holds Up its End in CalPERS, CalSTRS 2011's Minimal Returns
The nation's two largest public pension funds had trouble pulling in returns in 2011. Thankfully, though, real estate wasn't the culprit.The California Public Employees' Retirement System (CalPERS) earned a small, but positive 1.1% return for the 12-month period ended Dec. 31, 2011.According to CalPERS investment staff, the fund experienced a 7.9% loss in its public equity asset classes due to the high volatility of global equity markets in…
Mark Heschmeyer
In The Pipeline: CoStar Development & Construction News for Jan. 22-28
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.CA Firm Named Hudson…
Randyl Drummer
February 4th, 2012 at 05:00am
Market Trend: South Bay/San Jose's Retail Vacancy Decreases to 5.0%
The South Bay/San Jose retail market experienced a slight improvement in market conditions in the fourth quarter 2011.The vacancy rate went from 5.4% in the previous quarter to 5.0% in the current quarter. Net absorption was positive 257,239 square feet, and vacant sublease space increased by 27,405 square feet.Tenants moving into large blocks of space in 2011 include: See Grins RV moving into 125,597 square feet at 7900 Arroyo Cir; TJ…
Justin Sumner
Renew or Relocate? Incumbent Landlords Willing To Sweeten the Pot
While perhaps not a nationally significant or unusual deal by itself, U.S. Cellular's renewal this past month of an office lease in Madison, WI, succinctly depicts the current state of leasing.U.S. Cellular agreed to extend its lease with affiliates of Wells Real Estate at the U.S. Cellular Building, a four-story, 102,000-rentable-square-foot office building. The Chicago-based carrier leases 73% of the building and owns a 45% equity interest in…
Mark Heschmeyer
February 3rd, 2012 at 05:00am
Fusion-io Leases 79,000 SF in San Jose
Fusion-io, Inc., a data storage provider, signed an 82-month lease for 79,143 square feet in the R&D building at 2880 Junction Ave. in San Jose, CA.The two-story freestanding industrial building is in Montague Park in North San Jose. Jones Lang LaSalle acquired the property in 2008 according to CoStar data.Michael Filice and Jerry Inguagiato of CBRE in San Jose represented the tenant. Jeff Houston and Vincent Scott, also with CBRE, represented…
Jessa Spainhower
February 2nd, 2012 at 07:00am
CoStar's People of Note (Jan. 15-21)
This week's People of Note includes the following markets: Boston, Houston, New York City and Sacramento.HOUSTONAvison Young Recruits Jeane as PrincipalBy Laurie ForbesOffice market leader Lee Jeane joined Avison Young's Houston team. As a principal, he will spearhead the launch of AY’s agency leasing and management platform in the region. His focus will be investors looking to purchase and operate office properties in Houston and throu
Laurie Forbes
$30.3M Mortgage Loan for America Center
Los Angeles-based Mesa West Capital has acquired $30.3 million in funding for the America Center. The center consists of two brand-new, class A office buildings totaling 427,600 square feet located at 6001 and 6201 America Center Dr. in Alviso, CA.The property was developed in 2009 by the current owner, Legacy Partners. The loan has been restructured with an affiliate of AllianceBerstein U.S. Real Estate Partners, who acquired the construction…
Dana Gorghis
February 2nd, 2012 at 05:00am
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
In The Pipeline: CoStar Development & Construction News for Jan. 29 – Feb. 4
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Trammell Crow, Principal Launch $1B Development ProgramPrincipal…
Randyl Drummer
Apple Coming to Sunnyvale
Apple, Inc., an American multinational corporation, signed a long-term, 215,472-square-foot lease in the Sunnyvale Research Center.The four-building complex is located at 1050, 1060, 1070 and 1090 E. Arques Ave. in Sunnyvale, CA. The center was constructed in 1985 and sits on approximately 14 acres. The Sunnyvale Research Center is 12 miles from Apple’s headquarters in Cupertino, CA.Donald Reimann and Gregg von Thaden of Colliers International…
Dana Gorghis
February 1st, 2012 at 05:00am
LAST CALL! Deadline Is Next Week for CoStar Power Broker Awards
This is it! Don't miss out on this opportunity to have your 2011 professional accomplishments recognized by making sure you get credit for the leases and sales you closed in 2011 and you may qualify for the CoStar Power Broker Awards!The deadline to submit your transactions is next Wednesday, February 1, 2012. As the leading industry award recognizing the “best of the best” in commercial real estate brokerage, the CoStar Power Broker Awards…
CoStar Staff
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
January 31st, 2012 at 05:00am
CoStar's People of Note (Jan. 22-28)
This week's People of Note includes the following markets: Dallas, Denver, National, New York City, Orange County, San Francisco and Washington, DC.DALLAS, NATIONALBehringer Harvard Appoints New President, CEO of REITsBy Laurie ForbesBehringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place
Laurie Forbes
Intuit Buys Mountain View Industrial
Intuit, Inc. purchased the 7,017-square-foot industrial building at 2636 E. Bayshore Pky. in Mountain View, CA for $1.65 million, or about $235 per square foot.The free-standing building was built in 1958 and sits on a third of an acre. It has two drive-in bays, two loading docks, and a small office portion. The last reported sale of the property was in 2004 when it sold for $1.2 million according to CoStar data.Bart Lammersen of Jones…
Melanie Tucker
USGBC Lists Top 10 States for LEED Building Certifications
The U.S. Green Building Council (USGBC) released its list of the top ten states with LEED-Certified commercial buildings in 2011 and institutional green buildings per capita based on the 2010 Census.The District of Columbia led the nation with more than 31.5 square feet of LEED-Certified space per person, while, not surprisingly, California led the way with more than 71.5 million square feet of total commercial space to earn LEED certification…
Justin Sumner
January 30th, 2012 at 05:00am
Renew or Relocate? Incumbent Landlords Willing To Sweeten the Pot
While perhaps not a nationally significant or unusual deal by itself, U.S. Cellular's renewal this past month of an office lease in Madison, WI, succinctly depicts the current say of leasing.U.S. Cellular agreed to extend its lease with affiliates of Wells Real Estate at the U.S. Cellular Building, a four-story, 102,000-rentable-square-foot office building. The Chicago-based carrier leases 73% of the building and owns a 45% equity interest in…
Mark Heschmeyer
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a one-of-a-kind opportunity to validate…
CoStar Research
January 29th, 2012 at 07:00am
USGBC Lists Top 10 States for LEED Building Certifications
The U.S. Green Building Council (USGBC) released its list of the top ten states with LEED-Certified commercial buildings in 2011 and institutional green buildings per capita based on the 2010 Census.The District of Columbia led the nation with more than 31.5 square feet of LEED-Certified space per person, while, not surprisingly, California led the way with more than 71.5 million square feet of total commercial space to earn LEED certification…
Justin Sumner
Apple Coming to Sunnyvale
Apple, Inc., an American multinational corporation, signed a long-term, 215,472-square-foot lease in the Sunnyvale Research Center.The four-building complex is located at 1050, 1060, 1070 and 1090 E. Arques Ave. in Sunnyvale, CA. The center was constructed in 1985 and sits on approximately 14 acres. The Sunnyvale Research Center is 12 miles from Apple’s headquarters in Cupertino, CA.Donald Reimann and Gregg von Thaden of Colliers International…
Dana Gorghis
January 29th, 2012 at 05:00am
Apple Coming to Sunnyvale
Apple, Inc., an American multinational corporation, signed a long-term, 215,472-square-foot lease in the Sunnyvale Research Center.The four-building complex is located at 1050, 1060, 1070 and 1090 E. Arques Ave. in Sunnyvale, CA. The center was constructed in 1985 and sits on approximately 14 acres. The Sunnyvale Research Center is 12 miles from Apple’s headquarters in Cupertino, CA.Donald Reimann and Gregg von Thaden of Colliers International…
Dana Gorghis
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
January 28th, 2012 at 05:00am
San Jose Apartment Complex Sells for $6.5M
The 48-unit multifamily property at 1545 N. 1st St. in San Jose, CA sold for $6.5 million, or approximately $135,000 per unit.The complex has six buildings with eight units each totaling 35,112 square feet. The property is comprised of 12 studio apartments, 30 one-bedroom, and 6 two-bedroom units. The sale closed following a 63-day escrow period.Tony Odom and Brian Bonafede of Customer Service Realty (CSR) in San Jose represented the seller…
Greer Pruitt
Apple Coming to Sunnyvale
Apple, Inc., an American multinational corporation, signed a long-term, 215,472-square-foot lease in the Sunnyvale Research Center.The four-building complex is located at 1050, 1060, 1070 and 1090 E. Arques Ave. in Sunnyvale, CA. The center was constructed in 1985 and sits on approximately 14 acres. The Sunnyvale Research Center is 12 miles from Apple’s headquarters in Cupertino, CA.Donald Reimann and Gregg von Thaden of Colliers International…
Dana Gorghis
January 27th, 2012 at 05:00am
CoStar's People of Note (Jan. 15-21)
This week's People of Note includes the following markets: Boston, Houston, New York City and Sacramento.HOUSTONAvison Young Recruits Jeane as PrincipalBy Laurie ForbesOffice market leader Lee Jeane joined Avison Young's Houston team. As a principal, he will spearhead the launch of AY’s agency leasing and management platform in the region. His focus will be investors looking to purchase and operate office properties in Houston and throu
Laurie Forbes
January 26th, 2012 at 07:00am
San Jose Apartment Complex Sells for $6.5M
The 48-unit multifamily property at 1545 N. 1st St. in San Jose, CA sold for $6.5 million, or approximately $135,000 per unit.The complex has six buildings with eight units each totaling 35,112 square feet. The property is comprised of 12 studio apartments, 30 one-bedroom, and 6 two-bedroom units. The sale closed following a 63-day escrow period.Tony Odom and Brian Bonafede of Customer Service Realty (CSR) in San Jose represented the seller…
Greer Pruitt
$30.3M Mortgage Loan for America Center
Los Angeles-based Mesa West Capital has acquired $30.3 million in funding for the America Center. The center consists of two brand-new, class A office buildings totaling 427,600 square feet located at 6001 and 6201 America Center Dr. in Alviso, CA.The property was developed in 2009 by the current owner, Legacy Partners. The loan has been restructured with an affiliate of AllianceBerstein U.S. Real Estate Partners, who acquired the construction…
Dana Gorghis
January 26th, 2012 at 05:00am
Behringer Harvard Appoints New President, CEO of REITs
Behringer Harvard hired Michael J. O'Hanlon as an executive vice president of the firm and as CEO and president of Behringer Harvard Opportunity REITs I and II. He took the place of Robert S. (Bob) Aisner who was tapped as vice chairman of the REITs.O'Hanlon has more than three decades of industry experience with a background in asset management, corporate and loan restructuring and capital markets. He formerly served on the board of BH REIT II…
Laurie Forbes
Apple Coming to Sunnyvale
Apple, Inc., an American multinational corporation, signed a long-term, 215,472-square-foot lease in the Sunnyvale Research Center.The four-building complex is located at 1050, 1060, 1070 and 1090 E. Arques Ave. in Sunnyvale, CA. The center was constructed in 1985 and sits on approximately 14 acres. The Sunnyvale Research Center is 12 miles from Apple’s headquarters in Cupertino, CA.Donald Reimann and Gregg von Thaden of Colliers International…
Dana Gorghis
January 25th, 2012 at 05:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
CRE Price Index Rises for Seventh Consecutive Month
The CoStar National Composite Index of commercial real estate pricing rose for the seventh straight month since last spring as investment-grade sales made solid pricing gains in November 2011, and the level of distressed sale transactions continued to decline during the month.The composite index rose 0.6% in November from the previous month, with prices now an average 1.8% higher compared to the same period a year ago, according to this month…
Randyl Drummer
Morgan Hill REO Sale Tops $4M
Harvest Plaza LLC purchased the retail property as 1295 E. Dunne Ave. in Morgan Hill, CA from East West Bank for $4.05 million, or about $136 per square footDelivered in 2006 on 2.3 acres, the 29,750-square-foot retail building was vacant at time of sale. This was an REO sale, and the buyer’s upleg in a 1031 Exchange.David Ching of Marcus & Millichap in Oakland represented the seller. Kirk Trammell of Marcus & Millichap in Palo Alto represented…
Cat Henderson
January 24th, 2012 at 05:00am
Intuit Buys Mountain View Industrial
Intuit, Inc. purchased the 7,017-square-foot industrial building at 2636 E. Bayshore Pky. in Mountain View, CA for $1.65 million, or about $235 per square foot.The free-standing building was built in 1958 and sits on a third of an acre. It has two drive-in bays, two loading docks, and a small office portion. The last reported sale of the property was in 2004 when it sold for $1.2 million according to CoStar data.Bart Lammersen of Jones…
Melanie Tucker
BOMA 360 Performance Program Continues to Grow in 4th Qtr
The Building Owners and Managers Association (BOMA) International has conferred its BOMA 360 Performance Program designation on 30 more buildings across the country in the fourth quarter, bringing the total number of properties honored by the initiative to 354, in less than three years since the program started.BOMA 360 recognizes commercial properties that demonstrate best practices in building operations and management. The program evaluates…
Justin Sumner
San Jose Apartment Complex Sells for $6.5M
The 48-unit multifamily property at 1545 N. 1st St. in San Jose, CA sold for $6.5 million, or approximately $135,000 per unit.The complex has six buildings with eight units each totaling 35,112 square feet. The property is comprised of 12 studio apartments, 30 one-bedroom, and 6 two-bedroom units. The sale closed following a 63-day escrow period.Tony Odom and Brian Bonafede of Customer Service Realty (CSR) in San Jose represented the seller…
Greer Pruitt
January 23rd, 2012 at 05:00am
Colliers Names New Leadership for Expanded U.S. Hotels Group
Colliers International has promoted Mike Mixer and Dharmesh Patel to executive managing directors to lead Colliers International Hotels | USA, specializing in hospitality real estate investment advisory services.The team was created to provide brokerage services to hospitality owners and investors, financial institutions, funds and REITS in what is expected to be a growing demand in the lodging investment segment of its commercial real estate…
Justin Sumner
TimeSpace Pays $2.4M for Milpitas Retail
TimeSpace Milpitas Development LLC purchased the Fitness USA at 1818 Clear Lake Ave. in Milpitas, CA, for $2.375 million, or roughly $98 per square foot, from North American Land & Leasing.The 24,300-square-foot facility is situated on 1.3 acres with C2 zoning. The property has access to major highways, is surrounded by residential, and is adjacent to Parktown Plaza Shopping Center with major retailers.Yorke Lee of TimeSpace Real Estate in…
Linawati Collier
January 22nd, 2012 at 07:00am
CoStar's People of Note (Jan. 15-21)
This week's People of Note includes the following markets: Boston, Houston, New York City and Sacramento.HOUSTONAvison Young Recruits Jeane as PrincipalBy Laurie ForbesOffice market leader Lee Jeane joined Avison Young's Houston team. As a principal, he will spearhead the launch of AY’s agency leasing and management platform in the region. His focus will be investors looking to purchase and operate office properties in Houston and throu
Laurie Forbes
BOMA 360 Performance Program Continues to Grow in 4th Qtr
The Building Owners and Managers Association (BOMA) International has conferred its BOMA 360 Performance Program designation on 30 more buildings across the country in the fourth quarter, bringing the total number of properties honored by the initiative to 354, in less than three years since the program started.BOMA 360 recognizes commercial properties that demonstrate best practices in building operations and management. The program evaluates…
Justin Sumner
TimeSpace Pays $2.4M for Milpitas Retail
TimeSpace Milpitas Development LLC purchased the Fitness USA at 1818 Clear Lake Ave. in Milpitas, CA, for $2.375 million, or roughly $98 per square foot, from North American Land & Leasing.The 24,300-square-foot facility is situated on 1.3 acres with C2 zoning. The property has access to major highways, is surrounded by residential, and is adjacent to Parktown Plaza Shopping Center with major retailers.Yorke Lee of TimeSpace Real Estate in…
Linawati Collier
January 22nd, 2012 at 05:00am
BOMA 360 Performance Program Continues to Grow in 4th Qtr
The Building Owners and Managers Association (BOMA) International has conferred its BOMA 360 Performance Program designation on 30 more buildings across the country in the fourth quarter, bringing the total number of properties honored by the initiative to 354, in less than three years since the program started.BOMA 360 recognizes commercial properties that demonstrate best practices in building operations and management. The program evaluates…
Justin Sumner
USGBC Lists Top 10 States for LEED Building Certifications
The U.S. Green Building Council (USGBC) released its list of the top ten states with LEED-Certified commercial buildings in 2011 and institutional green buildings per capita based on the 2010 Census.The District of Columbia led the nation with more than 31.5 square feet of LEED-Certified space per person, while, not surprisingly, California led the way with more than 71.5 million square feet of total commercial space to earn LEED certification…
Justin Sumner
January 21st, 2012 at 05:00am
Note Purchases: Banks Continue Dealing Portfolios of Performing, Nonperforming Assets
Starwood Capital Group in Greenwich, CT, acquired a commercial loan portfolio with an outstanding principal balance of approximately $312 million from a Southwestern regional bank. The portfolio consists of 106 first mortgage loans and real estate owned (REO) assets. Roughly half the loan portfolio is performing. The collateral represents all property classes, including, office, retail, multifamily, commercial land, hotel, residential and other asset…
Mark Heschmeyer
CoStar's People of Note (Jan. 8-14)
This week's People of Note includes the following markets: Atlanta, Austin, Boston, Chicago, Denver, Houston, Las Vegas, Los Angeles, Phoenix, San Antonio, San Diego, San Francisco and South Bay.LOS ANGELESGriffin Capital Taps Sales Veteran as Pres. of Capital MarketsBy Laurie ForbesGriffin Capital Securities hired Jeffery Schwaber as president of capital markets and to oversee the distribution of Griffin Capit
Laurie Forbes
CRE Price Index Rises for Seventh Consecutive Month
The CoStar National Composite Index of commercial real estate pricing rose for the seventh straight month since last spring as investment-grade sales made solid pricing gains in November 2011, and the level of distressed sale transactions continued to decline during the month.The composite index rose 0.6% in November from the previous month, with prices now an average 1.8% higher compared to the same period a year ago, according to this month…
Randyl Drummer
January 20th, 2012 at 05:00am
Intuit Buys Mountain View Industrial
Intuit, Inc. purchased the 7,017-square-foot industrial building at 2636 E. Bayshore Pky. in Mountain View, CA for $1.65 million, or about $235 per square foot.The free-standing building was built in 1958 and sits on a third of an acre. It has two drive-in bays, two loading docks, and a small office portion. The last reported sale of the property was in 2004 when it sold for $1.2 million according to CoStar data.Bart Lammersen of Jones…
Melanie Tucker
In The Pipeline: CoStar Development & Construction News for Jan. 8-14
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cuomo Proposes Nation…
Randyl Drummer
January 19th, 2012 at 07:00am
CoStar's People of Note (Jan. 1-7)
This week's People of Note includes the following markets: Baltimore, Chicago, Charlotte, East Bay, Kansas City, New York City, Phoenix, Raleigh/Durham, San Francisco, South Bay, South Florida and Washington, DC.CHICAGOInvestment Sales Expert Joins CBRECBRE recruited Paul Lundstedt as executive vice president in its capital markets group. The investment sales leader will focus on office investments in the Chicago area and throughout the…
Laurie Forbes
CRE Price Index Rises for Seventh Consecutive Month
The CoStar National Composite Index of commercial real estate pricing rose for the seventh straight month since last spring as investment-grade sales made solid pricing gains in November 2011, and the level of distressed sale transactions continued to decline during the month.The composite index rose 0.6% in November from the previous month, with prices now an average 1.8% higher compared to the same period a year ago, according to this month…
Randyl Drummer
San Jose Apartment Complex Sells for $6.5M
The 48-unit multifamily property at 1545 N. 1st St. in San Jose, CA sold for $6.5 million, or approximately $135,000 per unit.The complex has six buildings with eight units each totaling 35,112 square feet. The property is comprised of 12 studio apartments, 30 one-bedroom, and 6 two-bedroom units. The sale closed following a 63-day escrow period.Tony Odom and Brian Bonafede of Customer Service Realty (CSR) in San Jose represented the seller…
Greer Pruitt
January 19th, 2012 at 05:00am
Market Trend: South Bay/San Jose's Office Vacancy Decreases to 13.2%
The South Bay/San Jose Office market ended the fourth quarter 2011 with a vacancy rate of 13.2%.The vacancy rate was down over the previous quarter, with net absorption totaling positive 379,381 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 825,825 square feet.Tenants moving into large blocks of space in 2011 include: Motorola Mobility moving into 236,444 square feet at Moffett…
Justin Sumner
Morgan Hill REO Sale Tops $4M
Harvest Plaza LLC purchased the retail property as 1295 E. Dunne Ave. in Morgan Hill, CA from East West Bank for $4.05 million, or about $136 per square footDelivered in 2006 on 2.3 acres, the 29,750-square-foot retail building was vacant at time of sale. This was an REO sale, and the buyer’s upleg in a 1031 Exchange.David Ching of Marcus & Millichap in Oakland represented the seller. Kirk Trammell of Marcus & Millichap in Palo Alto represented…
Cat Henderson
In The Pipeline: CoStar Development & Construction News for Jan. 8-14
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cuomo Proposes Nation…
Randyl Drummer
January 18th, 2012 at 05:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
In The Pipeline: CoStar Development & Construction News for Jan. 1-7, 2012
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Commercial Construction…
Randyl Drummer
Foreign CRE Investors Buying but Seeking Improved Fundamentals
While concurring that the U.S. remains the country offering the most stable and secure option for their investment dollars, fewer foreign investors say they plan to increase their investment in U.S. commercial real estate in 2012.According to the results of the 20th annual survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE), 60% of survey respondents said they plan to boost U.S. spending, however, that…
Mark Heschmeyer
January 17th, 2012 at 05:00am
Trammell Appoints Head of Northern CA Operations
Trammell Crow Co. named John Greer head of Northern California operations. He will be responsible for sourcing new business and re-building TCC as a leader in development throughout the region.Greer was previously a principal of PCCP LLC sourcing new development in Northern California and Texas as well as managing assets. For five years prior to PCCP, he was executive vice president with Opus West Corp. and also served as president of real estate…
Stephanie Ageno
BOMA 360 Performance Program Continues to Grow in 4th Qtr
The Building Owners and Managers Association (BOMA) International has conferred its BOMA 360 Performance Program designation on 30 more buildings across the country in the fourth quarter, bringing the total number of properties honored by the initiative to 354, in less than three years since the program started.BOMA 360 recognizes commercial properties that demonstrate best practices in building operations and management. The program evaluates…
Justin Sumner
Skanska Secures BART Extension Contract
Government-financed project spending may be slowing down in the face of fiscal austerity, but the long-planned 10-mile extension of Bay Area Rapid Transit (BART) from Fremont to the Silicon Valley is steadily moving forward and could even be on line ahead of schedule.Skanska, leading a joint venture with Shimmick Construction and Herzog Contracting Corp., has signed a design-build contract with Santa Clara Valley Transportation Authority (VTA)…
Randyl Drummer
January 16th, 2012 at 05:00am
Foreign CRE Investors Buying but Seeking Improved Fundamentals
While concurring that the U.S. remains the country offering the most stable and secure option for their investment dollars, fewer foreign investors say they plan to increase their investment in U.S. commercial real estate in 2012.According to the results of the 20th annual survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE), 60% of survey respondents said they plan to boost U.S. spending, however, that…
Mark Heschmeyer
BOMA 360 Performance Program Continues to Grow in 4th Qtr
The Building Owners and Managers Association (BOMA) International has conferred its BOMA 360 Performance Program designation on 30 more buildings across the country in the fourth quarter, bringing the total number of properties honored by the initiative to 354, in less than three years since the program started.BOMA 360 recognizes commercial properties that demonstrate best practices in building operations and management. The program evaluates…
Justin Sumner
January 15th, 2012 at 07:00am
Trammell Appoints Head of Northern CA Operations
Trammell Crow Co. named John Greer head of Northern California operations. He will be responsible for sourcing new business and re-building TCC as a leader in development throughout the region.Greer was previously a principal of PCCP LLC sourcing new development in Northern California and Texas as well as managing assets. For five years prior to PCCP, he was executive vice president with Opus West Corp. and also served as president of real estate…
Stephanie Ageno
Morgan Hill REO Sale Tops $4M
Harvest Plaza LLC purchased the retail property as 1295 E. Dunne Ave. in Morgan Hill, CA from East West Bank for $4.05 million, or about $136 per square footDelivered in 2006 on 2.3 acres, the 29,750-square-foot retail building was vacant at time of sale. This was an REO sale, and the buyer’s upleg in a 1031 Exchange.David Ching of Marcus & Millichap in Oakland represented the seller. Kirk Trammell of Marcus & Millichap in Palo Alto represented…
Cat Henderson
January 15th, 2012 at 05:00am
CoStar's People of Note (Jan. 1-7)
This week's People of Note includes the following markets: Baltimore, Chicago, Charlotte, East Bay, Kansas City, New York City, Phoenix, Raleigh/Durham, San Francisco, South Bay, South Florida and Washington, DC.CHICAGOInvestment Sales Expert Joins CBRECBRE recruited Paul Lundstedt as executive vice president in its capital markets group. The investment sales leader will focus on office investments in the Chicago area and throughout the…
Laurie Forbes
Colliers Names New Leadership for Expanded U.S. Hotels Group
Colliers International has promoted Mike Mixer and Dharmesh Patel to executive managing directors to lead Colliers International Hotels | USA, specializing in hospitality real estate investment advisory services.The team was created to provide brokerage services to hospitality owners and investors, financial institutions, funds and REITS in what is expected to be a growing demand in the lodging investment segment of its commercial real estate…
Justin Sumner
Skanska Secures BART Extension Contract
Government-financed project spending may be slowing down in the face of fiscal austerity, but the long-planned 10-mile extension of Bay Area Rapid Transit (BART) from Fremont to the Silicon Valley is steadily moving forward and could even be on line ahead of schedule.Skanska, leading a joint venture with Shimmick Construction and Herzog Contracting Corp., has signed a design-build contract with Santa Clara Valley Transportation Authority (VTA)…
Randyl Drummer
January 14th, 2012 at 05:00am
Market Trend: South Bay/San Jose's Office Vacancy Decreases to 13.2%
The South Bay/San Jose Office market ended the fourth quarter 2011 with a vacancy rate of 13.2%.The vacancy rate was down over the previous quarter, with net absorption totaling positive 379,381 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 825,825 square feet.Tenants moving into large blocks of space in 2011 include: Motorola Mobility moving into 236,444 square feet at Moffett…
Justin Sumner
Colliers Names New Leadership for Expanded U.S. Hotels Group
Colliers International has promoted Mike Mixer and Dharmesh Patel to executive managing directors to lead Colliers International Hotels | USA, specializing in hospitality real estate investment advisory services.The team was created to provide brokerage services to hospitality owners and investors, financial institutions, funds and REITS in what is expected to be a growing demand in the lodging investment segment of its commercial real estate…
Justin Sumner
January 13th, 2012 at 05:00am
Foreign CRE Investors Buying but Seeking Improved Fundamentals
While concurring that the U.S. remains the country offering the most stable and secure option for their investment dollars, fewer foreign investors say they plan to increase their investment in U.S. commercial real estate in 2012.According to the results of the 20th annual survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE), 60% of survey respondents said they plan to boost U.S. spending, however, that…
Mark Heschmeyer
January 12th, 2012 at 07:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
PPR Taps Circ to Lead Industrial Property Research
Rene Circ has joined CoStar Group's Property and Portfolio Research (PPR) division as Director of Research – Industrial and is based in CoStar's Boston office.Circ comes to PPR from Grubb & Ellis Company, where as vice president and national director of research, he led all aspects of industrial real estate research, including data quality and integration and market analysis and forecasting. Drawing upon more than 15 years of experience as a market…
CoStar Research
January 12th, 2012 at 05:00am
Market Trend: South Bay/San Jose's Office Vacancy Decreases to 13.2%
The South Bay/San Jose Office market ended the fourth quarter 2011 with a vacancy rate of 13.2%.The vacancy rate was down over the previous quarter, with net absorption totaling positive 379,381 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 825,825 square feet.Tenants moving into large blocks of space in 2011 include: Motorola Mobility moving into 236,444 square feet at Moffett…
Justin Sumner
Silicon Valley REIT Puts Itself Up for Sale
Mission West Properties Inc. is exploring strategic alternatives for the possible sale of the company.The Cupertino, CA-based firm said it will begin a process to identify potential qualified buyers and determine an appropriate structure for the sale of the company.Currently, the company owns and manages 111 properties totaling 8 million rentable square feet, which includes 738,000 rentable square feet (or 15 buildings) in Milpitas, CA, that…
Mark Heschmeyer
January 11th, 2012 at 05:00am
In The Pipeline: CoStar Development & Construction News for Jan. 1-7, 2012
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Commercial Construction…
Randyl Drummer
CoStar's People of Note (Jan. 1-7)
This week's People of Note includes the following markets: Baltimore, Chicago, Charlotte, East Bay, Kansas City, New York City, Phoenix, Raleigh/Durham, San Francisco, South Bay, South Florida and Washington, DC.CHICAGOInvestment Sales Expert Joins CBRECBRE recruited Paul Lundstedt as executive vice president in its capital markets group. The investment sales leader will focus on office investments in the Chicago area and throughout the…
Laurie Forbes
January 10th, 2012 at 05:00am
Falling Home Prices Making California a Move-To State Again
Texas may be holding on to the Magnet State title, but the Allied Van Lines' 44th Annual Magnet States Report shows California regaining a strong a position on the inbound list after more than a decade on the outbound.For the seventh year in a row, Texas eclipsed every other state and took the lead as the No. 1 magnet state in 2011 based on Allied's report, which tracks U.S. migration patterns.Texas realized the highest net relocation gain…
Mark Heschmeyer
In The Pipeline: CoStar Development & Construction News for Jan. 1-7, 2012
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Commercial Construction…
Randyl Drummer
January 9th, 2012 at 05:00am
LBA Realty Spends $7.1M in San Jose
Lowenberg Corporation sold its industrial facility at 905 McLaughlin Ave. in San Jose, CA. LBA Realty purchased it for $7.1 million, or about $89 per square foot.The 79,911-square-foot industrial property was constructed in 1981 and sits on a 3.75-acre parcel. The facility boasts 16 loading docks and two drive-in bays.Greig Lagomarsino of Colliers International in Oakland, CA and Chip Sutherland of CBRE in San Jose, CA represented both the…
Jeff Hitch
PPR Taps Circ to Lead Industrial Property Research
Rene Circ has joined CoStar Group's Property and Portfolio Research (PPR) division as Director of Research – Industrial and is based in CoStar's Boston office.Circ comes to PPR from Grubb & Ellis Company, where as vice president and national director of research, he led all aspects of industrial real estate research, including data quality and integration and market analysis and forecasting. Drawing upon more than 15 years of experience as a market…
CoStar Research
January 8th, 2012 at 07:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
Trammell Appoints Head of Northern CA Operations
Trammell Crow Co. named John Greer head of Northern California operations. He will be responsible for sourcing new business and re-building TCC as a leader in development throughout the region.Greer was previously a principal of PCCP LLC sourcing new development in Northern California and Texas as well as managing assets. For five years prior to PCCP, he was executive vice president with Opus West Corp. and also served as president of real estate…
Stephanie Ageno
Gallina Relocates in San Jose
Celebrating its 40th Anniversary next year, GALLINA LLP signed a lease for 7,457 square feet of office space at 60 S. Market St. in San Jose, CA, relocating from its current space at 100 W. San Fernando St. The full-service accounting firm with niches in construction and real estate signed an 81-month lease and is expected to take occupancy of the 15th floor space in the first quarter.The 15-story, 226,951-square-foot, class A office building…
Justin Sumner
January 8th, 2012 at 05:00am
Silicon Valley REIT Puts Itself Up for Sale
Mission West Properties Inc. is exploring strategic alternatives for the possible sale of the company.The Cupertino, CA-based firm said it will begin a process to identify potential qualified buyers and determine an appropriate structure for the sale of the company.Currently, the company owns and manages 111 properties totaling 8 million rentable square feet, which includes 738,000 rentable square feet (or 15 buildings) in Milpitas, CA, that…
Mark Heschmeyer
Gallina Relocates in San Jose
Celebrating its 40th Anniversary next year, GALLINA LLP signed a lease for 7,457 square feet of office space at 60 S. Market St. in San Jose, CA, relocating from its current space at 100 W. San Fernando St. The full-service accounting firm with niches in construction and real estate signed an 81-month lease and is expected to take occupancy of the 15th floor space in the first quarter.The 15-story, 226,951-square-foot, class A office building…
Justin Sumner
January 7th, 2012 at 05:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
PS Business Parks Buys RREEF Industrial Assets for $520M
PS Business Parks Inc. (NYSE:PSB) purchased RREEF America LLC’s 5.34 million-square-foot industrial and flex portfolio in Northern California for $520 million or $97 per square foot.In connection with the deal, the buyer assumed a $250 million secured loan that matures in five years and entered into a three-year unsecured term loan for $250 million with Wells Fargo Bank.The 18 business parks are 82.2 percent leased to 216 tenants in the…
Laurie Forbes
January 6th, 2012 at 05:00am
Silicon Valley REIT Puts Itself Up for Sale
Mission West Properties Inc. is exploring strategic alternatives for the possible sale of the company.The Cupertino, CA-based firm said it will begin a process to identify potential qualified buyers and determine an appropriate structure for the sale of the company.Currently, the company owns and manages 111 properties totaling 8 million rentable square feet, which includes 738,000 rentable square feet (or 15 buildings) in Milpitas, CA, that…
Mark Heschmeyer
PPR Taps Circ to Lead Industrial Property Research
Rene Circ has joined CoStar Group's Property and Portfolio Research (PPR) division as Director of Research – Industrial and is based in CoStar's Boston office.Circ comes to PPR from Grubb & Ellis Company, where as vice president and national director of research, he led all aspects of industrial real estate research, including data quality and integration and market analysis and forecasting. Drawing upon more than 15 years of experience as a market…
CoStar Research
January 5th, 2012 at 07:00am
PS Business Parks Buys RREEF Industrial Assets for $520M
PS Business Parks Inc. (NYSE:PSB) purchased RREEF America LLC’s 5.34 million-square-foot industrial and flex portfolio in Northern California for $520 million or $97 per square foot.In connection with the deal, the buyer assumed a $250 million secured loan that matures in five years and entered into a three-year unsecured term loan for $250 million with Wells Fargo Bank.The 18 business parks are 82.2 percent leased to 216 tenants in the…
Laurie Forbes
Foreign CRE Investors Buying but Seeking Improved Fundamentals
While concurring that the U.S. remains the country offering the most stable and secure option for their investment dollars, fewer foreign investors say they plan to increase their investment in U.S. commercial real estate in 2012.According to the results of the 20th annual survey taken among the members of the Association of Foreign Investors in Real Estate (AFIRE), 60% of survey respondents said they plan to boost U.S. spending, however, that…
Mark Heschmeyer
January 5th, 2012 at 05:00am
CoStar's People of Note (Dec. 18-24)
This week's People of Note includes the following markets: Denver, West Coast, Houston, New York City, Phoenix, Portland and Washington, DC.WEST COASTLord To Head CBRE's Hawaii RegionCBRE named Kim Lord, SCSM, SCMD as head of the company’s Hawaii region. As senior managing director, she will oversee the firm’s brokerage, investment sales, asset services, debt and equity finance, project management and valuation practices from the Honolulu…
Laurie Forbes
Gallina Relocates in San Jose
Celebrating its 40th Anniversary next year, GALLINA LLP signed a lease for 7,457 square feet of office space at 60 S. Market St. in San Jose, CA, relocating from its current space at 100 W. San Fernando St. The full-service accounting firm with niches in construction and real estate signed an 81-month lease and is expected to take occupancy of the 15th floor space in the first quarter.The 15-story, 226,951-square-foot, class A office building…
Justin Sumner
Skanska Secures BART Extension Contract
Government-financed project spending may be slowing down in the face of fiscal austerity, but the long-planned 10-mile extension of Bay Area Rapid Transit (BART) from Fremont to the Silicon Valley is steadily moving forward and could even be on line ahead of schedule.Skanska, leading a joint venture with Shimmick Construction and Herzog Contracting Corp., has signed a design-build contract with Santa Clara Valley Transportation Authority (VTA)…
Randyl Drummer
January 4th, 2012 at 05:00am
Gallina Relocates in San Jose
Celebrating its 40th Anniversary next year, GALLINA LLP signed a lease for 7,457 square feet of office space at 60 S. Market St. in San Jose, CA, relocating from its current space at 100 W. San Fernando St. The full-service accounting firm with niches in construction and real estate signed an 81-month lease and is expected to take occupancy of the 15th floor space in the first quarter.The 15-story, 226,951-square-foot, class A office building…
Justin Sumner
PS Business Parks Buys RREEF Industrial Assets for $520M
PS Business Parks Inc. (NYSE:PSB) purchased RREEF America LLC’s 5.34 million-square-foot industrial and flex portfolio in Northern California for $520 million or $97 per square foot.In connection with the deal, the buyer assumed a $250 million secured loan that matures in five years and entered into a three-year unsecured term loan for $250 million with Wells Fargo Bank.The 18 business parks are 82.2 percent leased to 216 tenants in the…
Laurie Forbes
January 3rd, 2012 at 05:00am
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
January 2nd, 2012 at 05:00am
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
January 1st, 2012 at 07:00am
December 2011 Commercial Repeat Sales Analysis Now Available
CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market's first look at October 2011 commercial real estate pricing and offering the broadest measure of commercial real estate repeat sales activity.The National Composite Index of commercial real estate prices recorded an impressive 1.8% monthly gain in October, continuing its upward trend. The index also increased 2.2%…
CoStar Research
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
PS Business Parks Buys RREEF Industrial Assets for $520M
PS Business Parks Inc. (NYSE:PSB) purchased RREEF America LLC’s 5.34 million-square-foot industrial and flex portfolio in Northern California for $520 million or $97 per square foot.In connection with the deal, the buyer assumed a $250 million secured loan that matures in five years and entered into a three-year unsecured term loan for $250 million with Wells Fargo Bank.The 18 business parks are 82.2 percent leased to 216 tenants in the…
Laurie Forbes
January 1st, 2012 at 05:00am
Industrial Condo Sells in Santa Clara
Piotr Waclaw purchased the 7,344-square-foot industrial condo at 515 Aldo Ave. in Santa Clara, CA for $1,028,000, or just below $140 per square foot.The warehouse space will be occupied by the buyer. Unit 515 is one-fourth of the 24,500-square-foot building that was built in 1971 on more than an acre. Each unit has its own drive-in bay, and clear heights range from 16 to 18 feet.Stephen Lalond of Lalond Brokerage, Inc. in Santa Clara represented…
Melanie Tucker
December 2011 Commercial Repeat Sales Analysis Now Available
CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market's first look at October 2011 commercial real estate pricing and offering the broadest measure of commercial real estate repeat sales activity.The National Composite Index of commercial real estate prices recorded an impressive 1.8% monthly gain in October, continuing its upward trend. The index also increased 2.2%…
CoStar Research
New Life Church Gives New Life to Hayward Retail
New Life Christian Church purchased the retail building at 1265 B St. in Hayward, CA for $1 million, or about $54 per square foot.The 18,405-square-foot, single-story facility will be converted for use as a church by the new owner. It was built in 1965 on almost nine-tenths of an acre in the N. Hayward / Castro Valley of Alameda County, and features 41 parking spaces.Michael Tanzillo of MTC Commercial Real Estate in Castro Valley, CA represented…
Melanie Tucker
December 31st, 2011 at 05:00am
Industrial Condo Sells in Santa Clara
Piotr Waclaw purchased the 7,344-square-foot industrial condo at 515 Aldo Ave. in Santa Clara, CA for $1,028,000, or just below $140 per square foot.The warehouse space will be occupied by the buyer. Unit 515 is one-fourth of the 24,500-square-foot building that was built in 1971 on more than an acre. Each unit has its own drive-in bay, and clear heights range from 16 to 18 feet.Stephen Lalond of Lalond Brokerage, Inc. in Santa Clara represented…
Melanie Tucker
Mountain View Industrial Sells for $2 M
Nine Fruits Learning Center purchased the industrial building at 2480-2484 Old Middlefield Way in Mountain View, CA from Sheppel Enterprises LP for $1.95 million, or about $152 per square foot.The building was delivered in 1961 on 0.86 acres in Santa Clara County, and totals 12,800 square feet.Ted Eyre of Cassidy Turley represented the seller, while Brian Mason of Colliers International represented the buyer.Please see CoStar COMPS #2223974…
Greer Pruitt
December 30th, 2011 at 05:00am
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
December 29th, 2011 at 07:00am
Mountain View Industrial Sells for $2 M
Nine Fruits Learning Center purchased the industrial building at 2480-2484 Old Middlefield Way in Mountain View, CA from Sheppel Enterprises LP for $1.95 million, or about $152 per square foot.The building was delivered in 1961 on 0.86 acres in Santa Clara County, and totals 12,800 square feet.Ted Eyre of Cassidy Turley represented the seller, while Brian Mason of Colliers International represented the buyer.Please see CoStar COMPS #2223974…
Greer Pruitt
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
New Life Church Gives New Life to Hayward Retail
New Life Christian Church purchased the retail building at 1265 B St. in Hayward, CA for $1 million, or about $54 per square foot.The 18,405-square-foot, single-story facility will be converted for use as a church by the new owner. It was built in 1965 on almost nine-tenths of an acre in the N. Hayward / Castro Valley of Alameda County, and features 41 parking spaces.Michael Tanzillo of MTC Commercial Real Estate in Castro Valley, CA represented…
Melanie Tucker
December 29th, 2011 at 05:00am
Mall Denizen PacSun Closing Up to 25% of its Stores
Following extensive negotiations with its landlords, Pacific Sunwear of California Inc. will close 175 to 200 underperforming stores within the next 14 months. The specific stores slated for closure were not identified.The retailer also completed a 5-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a 5-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive…
Mark Heschmeyer
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
Mountain View Industrial Sells for $2 M
Nine Fruits Learning Center purchased the industrial building at 2480-2484 Old Middlefield Way in Mountain View, CA from Sheppel Enterprises LP for $1.95 million, or about $152 per square foot.The building was delivered in 1961 on 0.86 acres in Santa Clara County, and totals 12,800 square feet.Ted Eyre of Cassidy Turley represented the seller, while Brian Mason of Colliers International represented the buyer.Please see CoStar COMPS #2223974…
Greer Pruitt
December 28th, 2011 at 05:00am
New Life Church Gives New Life to Hayward Retail
New Life Christian Church purchased the retail building at 1265 B St. in Hayward, CA for $1 million, or about $54 per square foot.The 18,405-square-foot, single-story facility will be converted for use as a church by the new owner. It was built in 1965 on almost nine-tenths of an acre in the N. Hayward / Castro Valley of Alameda County, and features 41 parking spaces.Michael Tanzillo of MTC Commercial Real Estate in Castro Valley, CA represented…
Melanie Tucker
Industrial Condo Sells in Santa Clara
Piotr Waclaw purchased the 7,344-square-foot industrial condo at 515 Aldo Ave. in Santa Clara, CA for $1,028,000, or just below $140 per square foot.The warehouse space will be occupied by the buyer. Unit 515 is one-fourth of the 24,500-square-foot building that was built in 1971 on more than an acre. Each unit has its own drive-in bay, and clear heights range from 16 to 18 feet.Stephen Lalond of Lalond Brokerage, Inc. in Santa Clara represented…
Melanie Tucker
CoStar's People of Note (Dec. 18-24)
This week's People of Note includes the following markets: Denver, West Coast, Houston, New York City, Phoenix, Portland and Washington, DC.WEST COASTLord To Head CBRE's Hawaii RegionCBRE named Kim Lord, SCSM, SCMD as head of the company’s Hawaii region. As senior managing director, she will oversee the firm’s brokerage, investment sales, asset services, debt and equity finance, project management and valuation practices from the Honolulu…
Laurie Forbes
December 27th, 2011 at 05:00am
In The Pipeline: CoStar Development & Construction News for Dec. 11-17
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Mayo Clinic Breaks…
Randyl Drummer
December 2011 Commercial Repeat Sales Analysis Now Available
CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market's first look at October 2011 commercial real estate pricing and offering the broadest measure of commercial real estate repeat sales activity.The National Composite Index of commercial real estate prices recorded an impressive 1.8% monthly gain in October, continuing its upward trend. The index also increased 2.2%…
CoStar Research
Mall Denizen PacSun Closing Up to 25% of its Stores
Following extensive negotiations with its landlords, Pacific Sunwear of California Inc. will close 175 to 200 underperforming stores within the next 14 months. The specific stores slated for closure were not identified.The retailer also completed a 5-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a 5-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive…
Mark Heschmeyer
December 26th, 2011 at 05:00am
Murray Engineers Buys Los Altos Office
Murray Engineers, Inc., a geotechnical engineering company, purchased the office building at 935 Fremont Ave. in Los Altos, CA, from Bio-Ops, Inc. for $2.4 million, or about $548 per square foot.The 4,381-square-foot building was constructed in 1934 in Santa Clara County. It was approximately two/thirds vacant at the time of sale.Boyd Smith and Greg Pickett of Cassidy Turley in East Palo Alto represented the seller. Brian McCarthy, also…
Kate Retzinger
Nima Investments Sells Bascom Ave Bldg
Dr. Han P. Lo, a local urologist, purchased the office / retail building at 75 N. Bascom Ave. in San Jose, CA from Nima Investments LLC. It sold for $1,082,500, or about $442 per square foot.The 3,108-square-foot building was constructed in 2008 and is located on the corner of Bascom & Bailey Ave. It was 50 percent occupied at the time of sale. Dr. Lo will eventually move his practice to the subject property.Both parties were self-represented…
Alex Palacio
December 25th, 2011 at 07:00am
Mall Denizen PacSun Closing Up to 25% of its Stores
Following extensive negotiations with its landlords, Pacific Sunwear of California Inc. will close 175 to 200 underperforming stores within the next 14 months. The specific stores slated for closure were not identified.The retailer also completed a 5-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a 5-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive…
Mark Heschmeyer
CoStar Issues Call for Entries for 2011 Power Broker Awards
It's time for 2011's Top Dealmakers to stand up and be recognized!Each year, CoStar Group is proud to recognize the top commercial real estate brokerage firms and brokers who performed at the highest level and achieved remarkable sales and leasing success in their respective market.As the leading industry award recognizing the “best of the best” in commercial real estate, the CoStar Power Broker Awards provides a unique opportunity to validate…
CoStar Research
In The Pipeline: CoStar Development & Construction News for Dec. 11-17
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Mayo Clinic Breaks…
Randyl Drummer
December 25th, 2011 at 05:00am
CoStar's People of Note (Dec. 11-17)
This week's People of Note includes the following markets: Atlanta, Seattle, Dallas, Philadelphia, Phoenix, Boston, New York City and Columbus, OH.ATLANTAEverett Joins Grubb as SVPBy Laurie ForbesGrubb & Ellis Co. (NYSE:GBE) recruited veteran broker Peter Everett to its Atlanta office. As senior vice president, he will work on tenant representation and agency work in the Southeast for the industrial practice group.Everett has 15…
Justin Sumner
Murray Engineers Buys Los Altos Office
Murray Engineers, Inc., a geotechnical engineering company, purchased the office building at 935 Fremont Ave. in Los Altos, CA, from Bio-Ops, Inc. for $2.4 million, or about $548 per square foot.The 4,381-square-foot building was constructed in 1934 in Santa Clara County. It was approximately two/thirds vacant at the time of sale.Boyd Smith and Greg Pickett of Cassidy Turley in East Palo Alto represented the seller. Brian McCarthy, also…
Kate Retzinger
Mall Denizen PacSun Closing Up to 25% of its Stores
Following extensive negotiations with its landlords, Pacific Sunwear of California Inc. will close 175 to 200 underperforming stores within the next 14 months. The specific stores slated for closure were not identified.The retailer also completed a 5-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a 5-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive…
Mark Heschmeyer
December 24th, 2011 at 05:00am
December 2011 Commercial Repeat Sales Analysis Now Available
CoStar Group released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) last week, providing the market's first look at October 2011 commercial real estate pricing and offering the broadest measure of commercial real estate repeat sales activity.The National Composite Index of commercial real estate prices recorded an impressive 1.8% monthly gain in October, continuing its upward trend. The index also increased 2.2%…
CoStar Research
CoStar's People of Note (Dec. 11-17)
This week's People of Note includes the following markets: Atlanta, Seattle, Dallas, Philadelphia, Phoenix, Boston, New York City and Columbus, OH.ATLANTAEverett Joins Grubb as SVPBy Laurie ForbesGrubb & Ellis Co. (NYSE:GBE) recruited veteran broker Peter Everett to its Atlanta office. As senior vice president, he will work on tenant representation and agency work in the Southeast for the industrial practice group.Everett has 15…
Justin Sumner
December 23rd, 2011 at 05:00am
Market Trend: South Bay/San Jose's Industrial Vacancy Decreases to 11.2%
The South Bay/San Jose Industrial market ended the third quarter 2011 with a vacancy rate of 11.2%.The vacancy rate was down over the previous quarter, with net absorption totaling positive 259,568 square feet in the third quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,433,436 square feet.Tenants moving into large blocks of space in 2011 include: Alta Devices moving into 115,000 square feet at 545 Oakmead…
Justin Sumner
December 22nd, 2011 at 07:00am
Nima Investments Sells Bascom Ave Bldg
Dr. Han P. Lo, a local urologist, purchased the office / retail building at 75 N. Bascom Ave. in San Jose, CA from Nima Investments LLC. It sold for $1,082,500, or about $442 per square foot.The 3,108-square-foot building was constructed in 2008 and is located on the corner of Bascom & Bailey Ave. It was 50 percent occupied at the time of sale. Dr. Lo will eventually move his practice to the subject property.Both parties were self-represented…
Alex Palacio
Industrial Condo Sells in Santa Clara
Piotr Waclaw purchased the 7,344-square-foot industrial condo at 515 Aldo Ave. in Santa Clara, CA for $1,028,000, or just below $140 per square foot.The warehouse space will be occupied by the buyer. Unit 515 is one-fourth of the 24,500-square-foot building that was built in 1971 on more than an acre. Each unit has its own drive-in bay, and clear heights range from 16 to 18 feet.Stephen Lalond of Lalond Brokerage, Inc. in Santa Clara represented…
Melanie Tucker
December 22nd, 2011 at 05:00am
In The Pipeline: CoStar Development & Construction News for Dec. 11-17
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Mayo Clinic Breaks…
Randyl Drummer
In The Pipeline: CoStar Development & Construction News for Dec. 18-24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Follow me on Twitter for live news updates.Cornell to Spearhead…
Randyl Drummer
CoStar's People of Note (Dec. 11-17)
This week's People of Note includes the following markets: Atlanta, Seattle, Dallas, Philadelphia, Phoenix, Boston, New York City and Columbus, OH.ATLANTAEverett Joins Grubb as SVPBy Laurie ForbesGrubb & Ellis Co. (NYSE:GBE) recruited veteran broker Peter Everett to its Atlanta office. As senior vice president, he will work on tenant representation and agency work in the Southeast for the industrial practice group.Everett has 15…
Justin Sumner
December 21st, 2011 at 05:00am
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