Lafayette-based real estate investment and development firm Orchard Partners selected JLL to market Quarry Innovation Center, a planned 892K SF advanced manufacturing campus in Brisbane. The campus will be on 61.4 acres at 1 Quarry Road, the site of a former rock quarry that opened in 1895 and supplied rock and aggregates to construction projects throughout the Bay Area.
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The project has been scaled back 33% from an original proposal to one two-story industrial building on previously disturbed quarry land, while the remaining 82 acres would be dedicated to permanent open space. An on-site substation would deliver 49 megawatts of power to the building for power-intensive advanced manufacturing tenants. A modern Class-A industrial building would be somewhat of a rarity on the San Francisco Peninsula — 77% of Mid-Peninsula industrial inventory was built prior to 1980, according to JLL researchers.
“Our goal has been to thoughtfully balance land conservation and environmental stewardship of the quarry with the growing needs of modern industrial users,” Orchard Partners Managing Partner Tyler Higgins said in a statement.
DevCon is the general contractor for the Quarry Innovation Center, with Ware Malcomb serving as project architect. Leasing will be handled by JLL’s Jason Ovadia, Greg Matter, Jason Cranston and Patrick Murdock.
SALES
Interstate Equities Corp. acquired the 2022-built The Dylan apartments at 2200 John Muir Parkway in Hercules for $83.5M from Hercules Development Partners. The property includes 217 market-rate keys and 15 below-market doors. JLL’s Capital Markets debt advisory team of Charles Halladay and Matt Cimino arranged a five-year acquisition loan through Freddie Mac for the buyer, while its investment and advisory sales team of Ryan Wagner, Brandon Geraldo, Matt Kroger and Fatai Alashe represented Hercules Development Partners.
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Carmel Partners of San Francisco acquired the 268-unit Silver apartment complex at 333 Sunol St. in central San Jose for $122M from an affiliate of Essex Property Trust. It is the fourth Bay Area transaction for Carmel Partners’ Carmel Fund 9. Built in 2018, Silver consists of studio, one- and two-bedroom units. Carmel plans to reposition the property through strategic upgrades to boost net operating income, Mike Ruiz, partner and head of acquisitions, said in a statement.
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Sausalito-based FH One Investments acquired a 1988-built, 106K SF office building at 500 Ygnacio Valley Road in Walnut Creek for $22.5M in a deed-in-lieu-of-foreclosure transaction. The building was about 70% leased and was purchased for a nearly 40% discount from what former owner Broadshore Capital Partners paid about a decade earlier.
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An affiliate of Oberndorf Real Estate Management and The Bascom Group purchased the 117-door Museum Park Apartments at 465 W. San Carlos St. in San Jose for $53.1M. An affiliate of Lakevision Capital purchased the 2002-built, Class-B garden-style multifamily property in 2020 for $57M.
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KKR and TMG partners acquired the 419K SF Skyport Plaza office and retail property in north San Jose from Hudson Pacific for $75.5M. Skyport Plaza consists of two mostly vacant eight-story office buildings and two occupied retail buildings. HPP said in a statement it will use sale proceeds to pay down an unsecured revolving credit facility, leaving a $30M balance.
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Marcus & Millichap’s Teodar Vacev of the firm’s Palo Alto office brokered the $5M sale of a 17K SF Caliber Collision repair facility at 3207 Shattuck Ave. in Berkeley to a private Bay Area-based investor. Marcus & Millichap’s Kirk Trammell and Josh Johnson represented the buyer in purchase negotiations.
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TruAmerica Multifamily of Los Angeles acquired Bridges at San Ramon, a 1988-built garden-style multifamily community of 200 doors, for $78M from Acacia Capital. The property, located near the 585-acre Bishop Ranch mixed-use office hub, hadn’t changed hands in the past 15 years and saw strong investor interest. Jason Parr, Scott MacDonald, Sydney Ladrech and John Hansen of Berkadia’s San Francisco office arranged the sale on behalf of San Mateo-based Acacia Capital.
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The Davis Cos. of Boston acquired a 65K SF office and research and development building at 51 Rio Robles in San Jose for $17M. Maxeon Solar Technologies is the sole tenant at the facility, which features 3,000 amps of power. The Davis Cos. plans to reposition the property in 2027 with a new roof, upgraded mechanical and HVAC systems, and interior improvements. Colliers’ Andy Zighelboim, Kevin Moul, Brad Idleman and Bob Gilley brokered the purchase on behalf of The Davis Cos.
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Sterling Organization of West Palm Beach, Florida, acquired two Bay Area grocery-anchored retail centers through its Sterling United Properties fund. Safeway Burlingame is a 70K SF, 100% leased retail center on the Peninsula, while Pleasanton Gateway Shopping Center is a 128K SF, 99% leased center in the East Bay that is also anchored by Safeway.
CONSTRUCTION AND DEVELOPMENT
Santa Clara Valley Healthcare and Santa Clara County completed the new 77-bed Behavioral Health Pavilion at Santa Clara Valley Medical Center. The three-story, 207K SF building at 751 S. Bascom Ave. in San Jose was designed by HGA and built by Webcor.
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DM Development of San Francisco and Denver-based private equity firm Ascentris secured $61.7M in construction financing from PNC Bank to build a 152-key, nine-story multifamily property at 321 Florida St. in San Francisco’s Mission District. Handel Architects of San Francisco is designing the building, which will include 15 affordable units. Groundbreaking is expected to commence in November, with completion slated for late 2028.
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Standard Communities broke ground on two affordable housing communities totaling 428 new doors in Antioch. The $192M Joyfield Flats at Lakeview Center and Joyfield Flats at Buchanan Crossing are expected to be developed for less than $500K per door to serve households earning between 30% and 70% of the area median income. Delivery is expected in the second and third quarters of 2028. JPMorgan Chase provided construction financing for Lakeview Center, while Boston Financial syndicated federal tax credit equity and Freddie Mac arranged permanent financing that will be serviced by Walker & Dunlop. U.S. Bank provided construction financing and federal tax credit equity investment at Buchanan Crossing, with Freddie Mac arranging permanent financing that will be serviced by Berkadia.
PEOPLE
CBRE promoted Andrew Eisenberg to managing director and market leader of the firms’ Palo Alto and Burlingame offices. Eisenberg will spearhead strategic planning, business development, recruiting, sales management and advisory operations throughout the San Francisco Peninsula. Eisenberg started his career at CBRE as a research analyst and most recently was senior sales director. He takes over for Steffen Kammerer, who assumed leadership of CBRE’s advisory services for Northern California and Reno.
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JLL appointed Pamela Ambler managing director of international and strategic transitions in the firm’s U.S. capital markets business. Ambler will lead senior investor relationships, cross-border market intelligence and business development efforts to connect global capital to U.S. investment opportunities. Ambler, who is now based in San Francisco, spent the past four years in JLL’s Singapore office, leading the firm’s Asia-Pacific investor intelligence platform as a senior adviser and was also a spokesperson for JLL’s capital markets business.
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Southland Industries of Dulles, Virginia, tapped Mohammed Yassin to lead business development in the West. Yassin, who will also guide the mechanical, electrical and plumbing company’s national manufacturing strategy, spent the first 17 years of his career in operations and previously led Southland’s life sciences market strategy. Yassin is based in San Francisco.
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CBRE’s Steven Chon and Sofi Choi, San Jose-based co-leaders of the firm’s Korea Desk North America practice, were selected to represent South Korean lifestyle retail brand Artbox’s U.S. expansion. Artbox has more than 200 locations in South Korea.
FINANCING
CBRE’s debt and structured finance team of Mike Walker, Brad Zampa, Andy Gross and Pierson Souza helped arrange $32.8M in refinancing for the 164-key Hilton Garden Inn Cupertino at 10741 N. Wolfe Road. Heil & Associates and Terracommercial have owned and operated the 100K SF hotel since 2007.
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Marcus & Millichap Capital Corp.’s Chad O’Connor of the firm’s San Diego office arranged $3M in financing for the acquisition of a 25-unit multifamily property at 220 Athol Ave. in Oakland.
THIS AND THAT
Presidio Bay Ventures and Bridges Capital took ownership of the historic 1924-built Federal Reserve Bank of San Francisco building at 301 Battery St. in San Francisco. The JV purchased the distressed loan on the 208K SF building in July for $70M. Presidio Bay said it will reintroduce the property as The Reserve, with amenities focused around the building’s 28K SF banking hall.
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