This Week's Bay Area Deal Sheet
Terreno Realty bought an industrial property near Newark last week for $180M.
The property, called the Morton Commerce Center, consists of four industrial distribution centers totaling approximately 600K SF on 30 acres. Meta is a tenant. The building was formerly owned by Overton Moore Properties. The distribution center is at 7355-7395 Morton Ave. near I-880 and State Route 84.
SALES
Griffis Residential announced its Apartment Fund purchased Cerrano Apartments in Milpitas for about $153M.
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DiversityFund bought a 61-unit multifamily complex for $20M in Sand City, just outside of Monterey. The $20M deal was brokered by Cushman & Wakefield Northern California Multifamily Advisory Group.
PEOPLE
Cushman & Wakefield announced the return of Mark Anderson as vice chairman in San Francisco. Anderson returns to Cushman, where he worked from 2001 to 2021, after a two-year stint at Avison Young.
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John Kilroy, responsible for some of the most significant developments in the Bay Area, announced his retirement as CEO of Kilroy Realty Corp. last week. His retirement is slated for the end of the year.
THIS AND THAT
San Francisco tourism officials said they plan to hire 1,200 employees for what they hope will be a busy summer tourist season. Bay Area Hotel Council CEO Alex Bastian said during a press conference last week that he hopes tourism can help revive a downtown battered by the pandemic and layoffs in finance and tech.
