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Tower Two at One Rincon Hill Kicks Off Leasing for Upscale Residential Units

7 May 2014, 9:01 pm

By Alex Girda, Associate Editor

One of San Francisco’s most high-profile residential projects recently announced that the leasing process for units has commenced. Tower Two at One Rincon Hill, an iconic luxury tower, now has homes ready for lease, with unit occupancy slated to begin this August. According to the official statement announcing the move, private tour appointments are now available via online registration and by calling the development’s Welcome Center.

Tower Two is a 49-story residential high-rise that, when completed, will total 298 upscale residential units. Residence size at the building will range between 613 and 3,200 square feet, with an average size of 1,136 square feet. The current layout of the Rincon Hill neighborhood and the position the building occupies make for great views of the nearby Bay Bridge, Financial District, Twin Peaks and East Bay. Rincon Hill is located at 401 Harrison Street, at the corner of Fremont and Harrison Streets, in the emerging SoMa district of San Francisco, one of the most dynamic parts of the city.

The one-, two- and three-bedroom units available at the condo-style apartment building will feature pro-level Bertazzoni, Fisher & Paykel and Bosch kitchen appliances, granite countertops, in-unit Bosch washers and dryers  for all residences, individually controlled air conditioning and heating, as well as floor-to-ceiling windows with operable open-air ventilation.

Resident amenities will include a 49th floor Sky Lounge with a billiard room and private dining area exclusively available to One Rincon Hill residents, an outdoor heated pool and spa, landscaped green spaces with infinity-edge waterfall, reflection pond, fireplace, barbecue and seating areas, two fitness centers, individual unit storage, bike storage, around-the-clock lobby attendant and free WiFi connectivity in all common spaces. The building is pet-friendly and will offers prospective tenants the option of Webpass, Comcast or AT&T internet connectivity. Parking at the facility will be available through a dedicated valet parking service, City CarShare and Zipcar services available onsite and eco-friendly residents will benefit from the presence of electric vehicle charging stations onsite.  



New Home Company Opens Welcome Pavilion for San Jose Master-Planned Housing Community

1 May 2014, 2:58 am

By Alex Girda, Associate Editor

The New Home Company recently opened a Welcome Pavilion at its latest master-planned Silicon Valley master-planned residential community. The Orchard Park housing development in San Jose is set to display model homes and hold the initial sale phase at the community located near the intersection of Old Oakland Road and East Brokaw Road in the city’s Berryessa District.

Orchard Park is located just two miles away from the San Jose International Airport, the major air-travel hub in Silicon Valley, and in the vicinity of the upcoming Berryessa BART station. Poised to bring about 239 homes to the market, the community will be divided into three distinct neighborhoods offering three different types of residential units—flats, towns and court homes. Pricing will start at the $700,000 mark, according to the developer’s website.

The new master planned community will take a unique approach with a feng shui master involved the early development stages, consulting on the land plan, ensuring north orientation and other precepts of the art. The Welcome Pavilion has been set up to allow prospective buyers meet the developer’s sales team and allow for interactive presentations of the homes that will be developed at the site.

Orchard Park is set to also feature a 1-acre park and a 2-acre riparian path which will be an extension of the San Jose Coyote Creek Trail. Other amenities at the planned community will include a bocce ball court and a community room with outdoor seating and dining. The project has the full support of local authorities with San Jose Mayor Chuck Reed recently thanking developer New Home Company for its investment in the city, which will add a number of construction jobs, as well as increase San Jose’s housing stock.

Image courtesy of thenewhomecompany.com



Following Mission Bay Campus Success Alexandria Real Estate Acquires Prime Development Spot in SoMa

23 Apr 2014, 6:53 pm

By Alex Girda, Associate Editor

Alexandria Real Estate Equities, a company that focuses on a dominant market presence in the state-of-the-art, highly collaborative urban science and technology campus, has added yet another property to its portfolio. The company recently acquired the property at 500 Townsend Street in San Francisco for a reported fee of around $50 million. The development site is set to provide the entity with an opportunity to further expand its current assets in the South of Market area.

The 500 Townsend Street development site in the SoMa tech district offers 1.23 acres of land in a prime location for Alexandria’s needs, and is zoned for approximately 300,000 square feet of space. The AAA location is a high-quality substantial development parcel that offers great proximity to public transportation. The site is also close to great access points such as Interstate 80, Interstate 280 and the US 101 Freeway. The developer focuses on providing space for tenants looking for a collaborative, 24/7, live-work environment.

One of the main reasons that prompted Alexandria to acquire the AAA development site was the possibility it offers in terms of expanding its Mission Bay campus. The company’s specialty is its focus on urban science and technology campuses such as its Alexandria Technology Square in Cambridge, Alexandria Center for Life Sciences in New York and the local Alexandria Center for Science and Technology at Mission Bay.

The success of Alexandria’s aforementioned tech campus, with a current occupancy rate of 99.8 percent, and a total of nearly one million square feet, and its recent sale of 1600 Owens Street to Kaiser Permanente at the end of last year is underlining its success in the city. The new development would further expand its assets now that the monetization of the Mission Bay campus is complete, according to a press release.   

Image courtesy of are.com



$15 Million Home Depot Store Sale Arranged by Marcus & Millichap

16 Apr 2014, 5:23 pm

By Alex Girda, Associate Editor

A San Jose Home Depot Store recently traded hands in a deal worth $15.575 million. The transaction was arranged on behalf of the seller, an institutional investor, by real estate investment services firm Marcus & Millichap. The deal was handled by Mike James, an associate vice president Investments with the company’s Encino, Calif. office.

The San Jose Home Depot is a retail facility totaling 122,265 square feet of space. Located an 11.4-acre site, the property is situated just off California State Route 87 at 635 West Capitol Expressway in Silicon Valley’s main city. Silicon Valley’s current economic boom means that the property is located in a thriving economic area with an ultra-high net worth metropolitan statistical area that has an average annual household income exceeding $123,000.

The property called for a $127 per square foot purchase fee and a 3.77 percent capitalization rate. According to Mike James, the store is a “trophy triple-net-leased asset.”

“[The property] has more than 20 years remaining on the initial lease term and provides significant inflation protection with 10 percent rental increases every five years,” he says.

A press statement announcing the sale noted that 22 different offers were presented to the seller, most of which came through Marcus & Millichap agents on behalf of multifamily investors in 1031 exchanges. The transaction fee is directly linked to the company’s ability to find buyers willing to exchange for retail properties in their search of less management-heavy assets.

Home Depot currently is the world’s largest home improvement specialty retailer. The company saw 2013 retail sales of $78.8 billion, and an earnings figure of $5.4 billion.



Harvest Properties Completes Office Acquisition in Deal Rumored to Be Worth $100 Million

11 Apr 2014, 9:05 pm

By Alex Girda, Associate Editor

Harvest Properties, one of the more active companies in the San Francisco Bay Area office market, has reportedly made another large acquisition. The company, along with joint venture partner LaSalle Investment Management, paid a fee rumored to be in the vicinity of $100 million for a two-building office complex in San Mateo, Calif. The joint venture acquired the property from seller Fisher Investments with whom a lease-back deal has already been arranged. Earlier this year, Harvest and Invesco Real Estate sold Parkside Towers, a 400,000-square-foot office complex, to Heitman in a deal worth about $200 million.

The two buildings acquired by Harvest and LaSalle are Century Centre I and II. The assets total 276,000 square feet of Class A office space at the intersection of Highway 101 and Highway 92 in San Mateo. According to The Silicon Valley Business Journal, former owner Fisher Investments has worked out a deal keeping it at the facility. The investment adviser firm will keep occupying the 103,000 square feet of office space it occupies at the complex.

Harvest Properties has already completed leasing deals at the office complex before the acquisition, bringing the occupancy rate at around 93 percent. Three new leases for a total of 56,000 square feet of space, as well as the renewal for 39,000 square feet completed with tenant Apttus, a software company.

Located at 1400 and 1450 Fashion Island Boulevard, the office complex is set to receive a number of upgrades, the most prominent improvement announced by the new owner being a new parking garage. New upgrades such as new bathrooms, elevators, common areas and landscaping will amount to a total of around $6 million in investments that Harvest Properties has lined up for Century Centre I and II.







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