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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
Pulte Homes purchased Quito Village, a shopping center in Saratoga, California, last week. The company plans to redevelop the shopping center, for which it paid $54.8M, into a 90-unit multifamily development.
Pulte purchased the shopping center from Sand Hill Property, according to SiliconValley.com. Sand Hill paid $20.9M for the property in 2013.
“The project site has functioned as a shopping center for many decades,” Dahlin Group, the project’s designer, said on its website. “The center is over 50% vacant with a handful of remaining tenants.”
Tenants still active in the shopping center include a handful of restaurants and a Starbucks.
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SALES
The Park Lane Villas East, a 100-unit apartment community in Santa Rosa, California, sold to an unnamed investor in the Santa Rosa area last week. The U.S. Marshals Service sold the property. Colliers brokered the $38.5M sale, according to Connect CRE.
The complex includes two- and three-bedroom units with granite countertops, stainless steel appliances and private patios. The property also contains 12K SF of retail.
DEVELOPMENT
The Minkoff Group last week proposed a 127K SF office development in Sunnyvale, according to SF YIMBY. The project is slated to contain just over 6K SF in commercial space.
The project would require the redevelopment of a 13K SF office building on the property, as well as the removal of 23 trees on the site. Development would include replacing the trees, as well as new landscaping. There is no construction timeline yet for the project.
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USA Properties Fund broke ground last week on the Terracina at Whitney Ranch last week, a 288-unit apartment community offering affordable housing. The development is estimated to cost $104M.
Rents will vary, targeting residents earning 30% to 70% of the area median income for Placer County, which ranges between $21,750 and $50,750 annually for a two-person household. Units are expected to range in monthly price from $515 to $1,741.
The project is expected to be complete by the end of 2024. Amenities will include a 4K SF clubhouse, a community room, fitness center and swimming pool.
FINANCING
Gantry Inc. arranged a $97M construction loan for a Class-A office development proposed by Dollinger Properties. The building is expected to total 152K SF, and will be located in Sunnyvale, California’s Peery Park office district.
The building is at 675 Almanor Ave., adjacent to a three-building campus at the Pathline Park development. The permanent interest-only loan was provided by a life company lender.
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