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Transit-Oriented Mixed-Use Project in Palo Alto Secures Financing from Canyon Realty24 Jan 2014, 8:51 pm
By Alex Girda, Associate Editor
A transit-oriented development project is now underway after financing provider Canyon Capital Realty Advisors secured a loan on behalf of the developers. College Terrace Centre LLC is set to begin work on its project, a mixed-use development located near Stanford University and Stanford Research Park in Palo Alto. Handling development duties for the project will be developed by Redwood City-based, Twenty-One Hundred Ventures LLC.
College Terrace Centre will be built on a 1.4-acre site on El Camino Real, and will total around 66,000 square feet of space. The development will offer a neighborhood grocery store, an open-air market, shops, office space and a freestanding residential building that will offer potential residents eight residential units. The property will also offer on-site parking. Set to be developed between this spring and August 2015, College Terrace Centre will be gunning for LEED certification.
According to a recently issued press statement, the transit-oriented mixed-use development will divide its space as follows: 7,000 square feet of retail space, 45,000 square feet of office space, 9,000 square feet of grocery space, 218 subgrade parking spaces and eight below market rate apartments. The development will offer 300 feet of El Camino Real frontage, in an area frequented by approximately 52,000 cars per day. The proximity of Stanford University and Stanford Research Park will also ensure constant exposure to a highly-educated, young demographic.
In terms of jobs, the development’s Palo Alto location offers proximity to major employers such as Apple, Facebook, Google, Cisco, Yahoo!, Hewlett Packard, Tesla Motors, as well as venture capital and law firms. Palo Alto is at the heart of Silicon Valley, the most prominent tech market in the entire county.
Rendering courtesy of www.collegeterracecentre.com
Invesco Buys 388 KSF San Francisco Office Tower from Hines15 Jan 2014, 7:49 pm
By Scott Baltic, Contributing Editor
Invesco Real Estate has purchased the 24-story, 388,370-square-foot Class A office tower at 101 Second St. in San Francisco’s SoMa district from Hines, the latter’s San Francisco office announced Friday. The closing took place on Jan. 7, a Hines spokesperson told Commercial Property Executive. Financial terms of the sale were not disclosed.
The building is 90 percent leased, and its major tenants include law firms Clyde & Co. and Reed Smith and public accounting firm Moss Adams.
Hines was advised by CBRE on this latest transaction. The seller had previously bought the building from Cousins Properties, of Atlanta, in 2004.
“This was the ideal time from a capital markets perspective to monetize the value created for our investors,” Ken Jett, managing director in Hines’ Core Fund, told CPE.
“The South Financial District has improved significantly over the past 10 years, and I expect that it will continue to improve for the new owners of the building,” George Clever, senior managing director in Hines’ West Region, said in a release.
“101 Second St. is a strong addition to our national portfolio. The property’s location, quality and leasing status are an ideal fit with our long-term investment approach,” Bill Grubbs, managing director of Invesco Real Estate, also said in the release.
Designed by Skidmore, Owings & Merrill, the building was completed in 2000. Its design features a highly articulated steel frame, a façade of Spanish limestone and light-green glass, and a four-story aluminum-and-glass art pavilion. 101 Second St. achieved LEED Gold certification in 2009.
“After a frenzied investment climate during the past couple of years, the market is entering a period with a balanced number of buyers and sellers,” according to a Thirs Quarter San Francisco market overview from Marcus & Millichap.
“Owners who purchased during the downturn are profit-taking after a significant gain in the value of their assets, while others are divesting to reallocate capital into markets with more potential upside,” the report continues. “Plenty of investors are present to purchase assets, though value-add plays will dominate buyer motivation in the coming year.”
San Jose’s Santana Row Completes Agreement With Car Charging Group for New EV Charging Stations13 Jan 2014, 8:14 pm
By Alex Girda, Associate Editor
The San Francisco Bay ended 2013 on an extremely high note for the local office market, offering great prospects for the area’s real estate market in 2014. To open the year, big green energy news emerged as Car Charging Group, Inc. announced a newly sealed agreement with Federal Realty Investment Trust to expand the availability of EV charging services at Santana Row. Car Charging Group operates at a national level and offers electric vehicle charging services to a wide variety of facilities.
The company is now set to expand the number of available electric car charging stations at the retail center in San Jose, the heart of the fast growing tech market of Silicon Valley. Santana Row is a 647,000-square foot mixed-use development project, one of the prime destinations for shopping and dining. The venue features 70 shops, 20 restaurants, a boutique hotel and a movie theatre. The mixed-use community of Santana Row also offers 615 luxury rental homes, and 65,000 square feet of Class A office space.
According to a recently issued press release, Car Charging Group will answer a growing demand for charging stations at Santana Row, and will continue to follow data it has been tracking since the initial stations installed at the project. Tracking its initial stations, Car Charging was able to determine that additional facilities would be in order at Santana Row. The new stations are located across from the first charging docks, on Level 1A of the Winchester parking garage.
The new chargers are provided by Level II EV charging stations, providing cars with 240 volts with 32 amps of power, that efficiently replenish an electric vehicle’s battery. Car Charging Group Inc. is based in Miami, and also operates out of offices in San Francisco, New York and Phoenix. The company is pushing for the wider adoption of public EV charging.
Holiday Inn Express Hotel Mountain View – S Palo Alto Opens Following $1M Renovation Project6 Jan 2014, 7:38 pm
By Adrian Maties, Associate Editor
InterContinentalHotels Group has recently added a new hotel to its portfolio in the Mountain View and Palo Alto areas. The Holiday Inn Express Mountain View – S Palo Alto opened at the end of the year after a more than $1 million renovation project.
The hotel is designed with the Holiday Inn brand family’s $1 billion global brand relaunch in mind, the largest project of its kind in hospitality history. It is located in the heart of Silicon Valley, near U.S. Route 101, Interstate 280 and State Routes 85 and 237. Important attractions and businesses, restaurants, shops and cocktail lounges are just minutes away.
“We are very excited to join the Holiday Inn brand family,” says Roshan Patel, general manager. “Our hotel is in close proximity to the many technology companies in the Mountain View and Palo Alto areas and very convenient for business travelers to the area.”
The Holiday Inn Express Mountain View S Palo Alto is a three-story, 46-room hotel. All rooms feature refrigerators, microwave ovens, flat screen TVs, as well as comfortable queen or king-sized beds. Hotel amenities include a 24-hour fitness center, swimming pool, free internet access, business center and more. The Holiday Inn Express Mountain View – S Palo Alto is owned and managed by RPK Investment.
“Holiday Inn Express hotels are designed to be the smart choice for value-conscious business and leisure travelers,” says Heather Balsley, SVP, Americas Holiday Inn® brand family. “With more than 2,200 properties worldwide and 450 more in the pipeline, the Holiday Inn Express portfolio continues to provide our guests with an enhanced-stay experience at a great value.”
Photo credits: InterContinental Hotels Group
New Partnership between LaSalle Investment Management and Harvest Properties Completes First Purchase as Silicon Valley Tech Buzz Continues28 Dec 2013, 12:19 am
By Alex Girda, Associate Editor
Fueled by the numerous investment opportunities that are currently available in the booming tech market of Silicon Valley, commercial real estate company Harvest Properties has moved on the market for one of the most high-profile office assets in San Jose. The full service investment and development firm recently announced the purchase of 60 South Market St. for a fee that was not released to the public. This is the company’s first acquisition as part of the newly formed partnership that Harvest has created with LaSalle Investment Management.
The asset is located in San Jose, the largest city in the area known as Silicon Valley, at 60 South Market St, in the improving downtown area. The 14-story, Class A office building offers tenants 232,536 square feet of office space. According to a recently issued press statement, the building’s common areas recently underwent an extensive renovation process and the amenity package includes a fitness facility, a conference room and outdoor balconies. Placement-wise, the building offers great proximity to transportation, with both Highway 87 and Interstate 280 nearby, as well as the Caltrain line, the VTA light rail, and the San Pedro Market.
As a result of the acquisition, Harvest Properties will take over property management duties for 60 South Market St. A team of representatives from real estate brokerage Eastdil Secured was involved in completing the deal for the office tower. A CBRE team will be in charge of the listings on behalf of the new owner.
Image courtesy of cbre.com