A year after Amazon told its investors it was going to rightsize due to supply chain demands stabilizing, the e-commerce giant leased more than 1M SF of industrial space in the North Bay, first reported by the San Francisco Business Times.
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Amazon signed on to lease 1.2M SF at 920 Eubanks Drive in Vacaville. It will occupy Building C, which is one of three at the Midway Commerce Center. Like many other supply chain companies, Amazon ramped up leasing in the early days of the pandemic due to consumers' increased demand for e-commerce services and goods.
After a few years of rapid expansion, Amazon said it would rightsize by shedding millions of square feet of warehouse space. It is unclear if this move signals a reversal of that trend.
SALES
San Francisco-based JMA Ventures and global hospitality investor Mohari Hospitality entered into a joint venture to acquire, recapitalize and develop up to $2B of luxury hospitality and mixed-use projects throughout North America. The venture with JMA came soon after Mohari acquired Tao Group Hospitality.
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Hines U.S. Property Partners acquired the Warm Springs Industrial Park in Fremont in a portfolio purchase. The $200M portfolio deal includes properties in northern and southern California.
CONSTRUCTION AND DEVELOPMENT
Fluor Corp. completed construction of Bayer’s first global cell therapy launch facility in Berkeley. The biopharmaceutical development and manufacturing facility will be used to produce cell therapies for neurological degenerative disorders, cardiovascular disease and other medical needs.
FINANCING
PGIM Real Estate arranged a $259M Fannie Mae credit facility addition, secured by six multifamily properties on behalf of Silicon Valley-based The Sobrato Organization. The multifamily assets total 1,141 units and are located in suburban West Coast locations.
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Nonprofit developer Bridge Housing received a $1M donation from the Orkney Charitable Trust. The funds will be used for capital improvements on Bridge's 13,000 apartment buildings. This is the second seven-figure donation for Bridge in the past few weeks. It also received a grant from MacKenzie Scott’s philanthropic organization, Yield Giving.
PEOPLE
SRS Real Estate Partners named Jeff Gates senior vice president for the firm’s capital markets practice in San Francisco. Gates specializes in the acquisition and disposition of net-leased investment and multitenant properties. Gates brings more than 15 years of transaction experience in the commercial real estate industry. Prior to joining SRS, Gates was with The Kase Group, where he served as director.
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Haili Wu has joined Kidder Mathew’s Pleasanton team as an associate vice president. Wu is a multifamily investment specialist and focuses on properties in the San Francisco Peninsula. Before joining Kidder Mathews, Wu was with Marcus & Millichap as a multifamily specialist.
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