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The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit?
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Novin Development picked up The Post apartments in Pleasant Hill, California, for $23.15M. The developer plans to turn the building into affordable housing. The 71-unit property was acquired through the Housing for Health Fund — an affordable housing preservation fund created by Enterprise Community Investments.
CBRE’s Zachary Greenwood, Keith Manson and Mac Watson represented the seller, PTLA Real Estate Group in the Naturally Occurring Affordable Housing transaction.
"We are losing naturally occurring affordable homes at a pace faster than we can build new units due to speculative value-add investment strategies that lead to gentrification and unsustainable rent increases. The preservation of workforce-level affordable units at or below 80% AMI is critical to solving the Bay Area’s housing crisis and we are excited to play a small part," Novin Development President Iman Novin said in a press release.
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SALES
Barings, alongside Lincoln Property Co., acquired a 220K SF life sciences portfolio in Fremont, California, from Angelo Gordon & Co. The portfolio is spread across three separate addresses. Barings has said it will invest $20M in renovations into the purchase.
Wells Fargo has listed its 13-story office tower located at 550 California St. for sale. The company has listed the property for $160M. JLL is currently listing the property.
LEASES
Modular-home building company Veev leased 500K SF from e-commerce company Amazon. CBRE represented Veev on the transaction. KBC Advisors represented Amazon on the deal.
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THIS & THAT
San Francisco’s office market continues to be in rough shape, according to a Q2 market report from Transwestern, which illustrates a grim picture for the future of office occupancy in the city.
“The amount of vacant office space that’s come onto the market since this whole office mess started I calculated at seven and a half Salesforce Towers,” said George Entis, senior research manager for Transwestern, of San Francisco’s office market.
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