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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?
Email joseph.gordon@bisnow.com
Two affordable housing buildings near Lake Merritt in Oakland received development approval from the Oakland City Council, which unanimously allowed the project to move forward with construction at the intersection of East 12th Street and Second Avenue.
The first building will include 91 affordable housing units, developed by the East Bay Asian Local Development Corp.
Satellite Affordable Housing Associates gained approval to build a second affordable housing building on the site at a later date, The Real Deal reported.
SALES
California Capital & Investment Group purchased The Terraces, a 135K SF Class-A office property in Pleasant Hill, California, for $38.5M. Eagle Canyon Capital sold the property. CBRE represented both parties in the transaction.
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A Goldman Sachs affiliate purchased Enclave Apartments, a 55-unit student housing complex, in an all-cash transaction for $112.9M, as reported by Silicon Valley. LBA Realty and West Builders sold the property.
LEASES
UFC Fit has opened a gym in the Westfield Oakridge shopping center in San Jose, occupying 40K SF in a former Sears department store, SiliconValley.com reported.
The $7M facility features a group fitness studio, a weight room with free weights and Olympic lift platforms, cardio and strength training equipment, personal training, a bag room, a gym store and advanced fitness technology, according to the company.
CONSTRUCTION AND DEVELOPMENT
A new mixed-use complex, located at 3046-3050 MacArthur Blvd. in Oakland, received approval for construction, SF YIMBY reported. Construction of the four-story property will require the demolition of a commercial building on the site. The 15-unit residential project will also contain ground-floor commercial space. Kotas/Pantaleoni Architects created the design concepts for the project.
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Lendlease broke ground on a 47-story mixed-use property in San Francisco last week. The project, located at 30 Van Ness Ave., is in the city's Hayes Valley district.
The 540-foot-tall tower has an estimated final value of $1.15B and is slated to contain 290K SF of office and retail, as well as 333 residential units, 25% of which will be allocated for affordable housing.
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PEOPLE
JLL appointed Rob Kolar as its West Division president for Work Dynamics. Kolar replaces Jan Pope, who retired after 32 years with JLL. Pope joined JLL in 1990, previously serving as co-president of tenant representation, among other duties. Kolar will take over as West Division president on Sept. 1.
THIS & THAT
Keller Williams rebranded its Bay Area offices as KW Advisors, The Real Deal reported. The company rebrand is an attempt to emphasize the company’s increased focus on expanding its geographic reach.
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