This Week's San Francisco Deal Sheet
The Deal Sheet is a 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 firstname.lastname@example.org.
Agora Realty acquired a 115K SF retail center just outside of Sacramento and plans to add a 25K SF anchor building. Agora acquired the property from Phillips Edison & Co. for $33M. Ryan Thompson and Roman Benvenuti from Palmer Capital Inc. represented both the buyer and seller.
The Necessary Retail REIT closed on a $175M shopping center in San Jose, according to Connect CRE. This is the sixth such transaction for the company as part of a previous agreement to purchase the portfolio of 81 power, anchored and grocery centers from CIM Real Estate Finance Trust for $1.3B.
Dewey Land Co. purchased 700 Indiana St. in San Francisco for $15M, according to The Registry. The 15K SF industrial space is near Mission Bay. Dewey Land Co. has been purchasing an abundance of property in recent months, targeting the life sciences sector, most recently purchasing a parking lot in San Carlos for $20M with the intent of building a 96K SF life sciences building.
CONSTRUCTION AND DEVELOPMENT
Urban Land Development broke ground on a new office space in San Francisco’s SoMa district, the first such office development under construction in the city in two years. The property, dubbed 531 Bryant, will replace an existing structure on the site.
A team of Westbank, Urban Community and Cushman & Wakefield is seeking $1.5B in financing to renovate an existing property and build two office towers in San Jose, according to The Mercury News. It aims to renovate the Bank of Italy tower at 12 South First St. and build anew at 180 Park Ave., which broke ground in April, and 409 South Second St., which the team intends to begin work on in the fall.
A South San Francisco office and research campus from Lane Partners will go under preliminary approvals for the city’s planning commission, as reported by The San Francisco Business Times. The project is aiming to bring 2.8M SF in commercial space to the area.
THIS AND THAT
SunCal sued the city of Richmond, California, following its decision to deny the developer the ability to purchase land at Point Molate, which it planned to develop into a mixed-use facility.