Basin Street Properties boosted its North Bay portfolio with the acquisition of two Class-A office properties in Marin County.

The buildings at 899 and 1050 Northgate Drive in San Rafael total 113K SF and build upon Basin Street’s existing footprint of 102K SF at Shoreline Office Center in Mill Valley. The recent acquisition pushes occupancy to nearly 88% among the assets.

“Investors and lenders have been cautious about office, but businesses are leasing space, employees are spending more time together in the workplace, and well-located, high-quality buildings continue to perform,” Basin Street CEO Matt White said in a statement. “We’re seeing that across our portfolio, and it gives us confidence to continue investing in markets like Marin County.”

Basin Street said it will invest in value-add improvements at the 55K SF, five-story building at 1050 Northgate, while the 57K SF property at 899 Northgate already underwent lobby and common area improvements.

SALES  

Keech Properties of Redwood City acquired the 87-unit Sunsweet Apartments at 90 E. Third St. in Morgan Hill for $45M. Northmarq’s Walnut Creek-based investment team of Anthony Pappageorge and Zach LeBouf led sale efforts for Sunsweet Morgan Hill Development.

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An affiliate of Zurich Alternative Asset Management purchased a 78K SF office building at 410 Townsend St. in downtown San Francisco for $47.4M. Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets team spearheaded the transaction for New York Life Real Estate Investors and Bridgeton Holdings.

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TruAmerica Multifamily of Los Angeles acquired the 200-unit Bridges at San Ramon apartment complex at 309 Springfield Drive for an undisclosed price. Acacia Capital of San Mateo purchased the 1987-built complex in 2011 for $40M. The purchase expands TruAmerica’s Bay Area footprint to nearly 1,500 keys. TruAmerica plans to renovate the interiors of 192 units to add to $2.3M in capital improvements by the prior owner.

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Bridge Logistics Properties purchased a 198K SF facility at 45101-45169 Industrial Drive in Fremont that is fully leased to Quanta Manufacturing and Stericycle. Mike Kendall, Nick Mascheroni and Greig Lagomarsino of Colliers represented Bridge in the transaction. Bridge also acquired a 545K SF industrial building in Stockton.

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Spear Street Capital of San Francisco acquired a fully occupied Class-A office building at 400 Castro St. in Mountain View for $121.5M, or $876 per SF, from Tishman Speyer, which built the 138K SF asset in 2002.

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Marcus & Millichap’s Nick Stahler of the firm’s Orange County office brokered the sale of Mission Villas, a 34-unit assisted living complex at 995 E. Market St. in Daly City. The $10.6M sale represents a per-unit price of $313K. The buyer and seller weren’t disclosed.

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Turnbull Equity of San Ramon sold a 10K SF storage facility at 16325 Barrett Ave. in Morgan Hill to a San Francisco-based investor for $2.6M. Matthew McCaffrey of Marcus & Millichap represented Turnbull Equity.

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Northpoint Development purchased a nine-building industrial portfolio totaling 534K SF in Benicia for $87.5M from Link Logistics. The assets include Benicia Commerce Center at 6200-6850 Goodyear Road and multiple buildings at 5301-5341 Industrial Way. 

The portfolio was fully leased to 19 tenants that have occupied the building for an average of 15 years. CBRE’s Rebecca Perlmutter, Brian Russell, Tony Binswanger, Bo Harkins and Brooks Pedder represented the seller, while Steve Roth, Val Achtemeier and David Milestone arranged the buyer’s financing.

CONSTRUCTION AND DEVELOPMENT 

Suffolk Construction’s San Francisco office and CO Architects of Los Angeles were selected to deliver the 261K SF University of California, San Francisco Mission Bay Education Center and Dental Clinics project through a design-build delivery model. The $278M project will create new educational, clinical and collaborative spaces to support UCSF’s dental education, research and patient care programs.

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Rockpoint of Boston and Holland Partner Group of Vancouver entered into a joint venture to build 311 apartments at 3896 Stevens Creek Blvd. in west San Jose. The project is expected to come online in 2029.

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Waterford Property Co. of Newport Beach will develop a 75-key affordable housing project at 1397 California Circle in Milpitas. Residences will target families with incomes of 30% to 70% of the area median income. California Bank & Trust provided construction financing, while Citibank will provide permanent loan financing. National Equity Fund is the project’s tax credit equity investor.

PEOPLE  

Grant Hyjer has joined Colliers' Oakland office and will handle industrial leasing, sales and investment along the I-880 industrial corridor and broader East Bay market. Hyjer was previously with Cushman & Wakefield, where he supported sales and leasing of industrial and research and development properties.

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Julia Wilk joined Alliance Residential Co. as managing director of its Northern California region. Wilk will lead origination, financing and development of multifamily communities across the Bay Area. Wilk spent the past 13 years at Wood Partners, where she oversaw the full development cycle of nearly 2,500 multifamily units in California.

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Sares Regis Group of Northern California promoted Drew Hudacek and Dave Hopkins to the roles of co-CEOs. Hopkins, the firm’s former president of development, joined Sares Regis in 2007. Hudacek, the former chief investment officer, joined in 1993. 

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Michele Thiel joined artificial intelligence-powered real estate investment platform Dealpath as vice president of marketing. Thiel, who formerly worked for CoStar Group, LoopNet, Homes.com and TeamSnap, will lead global marketing efforts from Dealpath’s San Francisco headquarters.

LEASES  

Drawbridge Realty extended its lease with Microsoft for the entirety of a 66K SF Class-A office building at 3201 Scott Blvd. in Santa Clara. The building was the longtime home of Fungible, which was acquired by Microsoft in 2023. Jeff Cushman and Walt Stephenson of Cushman & Wakefield represented Drawbridge Realty in lease renewal negotiations, while Alex Lagemann of JLL represented Microsoft.

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Presidio Bay of San Francisco leased 32,600 SF of office space to Nubank, bringing occupancy at 388 Cambridge Ave. in Palo Alto to 100% less than one year after the mixed-use building’s completion. CBRE’s Ryan Adlesh represented Nubank, while Newmark’s Mike Courson and Colliers' Christian Prelle and Clay Jones represented Presidio Bay. 

FINANCING  

CBRE arranged $147.5M in financing for a newly completed, 221K SF Class-A office building at 750 Moffett Blvd. in Mountain View. Mike Walker, Brad Zampa and Andy Gross of CBRE arranged financing on behalf of Genesis Commercial Capital and JR-AMC.