Therma Leases San Jose Logistics Center: The Bay Area Deal Sheet
CBRE arranged a 212K SF lease at the San Jose Logistics Center, a Class-A industrial warehouse at 650 N. King Road.
Therma LLC, a San Jose-based mechanical contractor, will occupy the entire building. CBRE’s Chip Sutherland and Brian Matteoni represented the owner, an Ares Real Estate fund.
LEASES
Coworking provider Centrl Office has leased 34K SF at Waterfront Plaza in the city’s Northern Waterfront district. The West Coast-based operator will introduce flexible workspace, private offices and meeting facilities in the space owned and managed by Jamestown. It is slated to open in early 2026.
SALES
Cox, Castle & Nicholson LLP served as legal counsel to Second Harvest of Silicon Valley in the acquisition and entitlement for its new 215K SF San Jose headquarters, ConnectCRE reported. Construction is slated for completion in 2027. Margo Bradish, Andrew Sabey, Jake Storms, Ken Williams, Keith Walker and Tiffany Mychal led the Cox Castle team.
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Newmark represented Broadcom in the sale of The Campus at Stanford Research Park, a 1.1M SF office and research and development complex in Palo Alto. Harvest Properties and TPG Real Estate acquired the property for $115M, according to ConnectCRE. Newmark’s Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney represented the seller in partnership with Stanford University.
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Lincoln Property Co. and New York Life Real Estate Investors acquired two Class-A office buildings totaling nearly 495K SF in San Francisco. The first property at 353 Sacramento St. is a 284K SF Financial District tower with tenants including Wells Fargo, Ramp, Merge and EvenUp Law. The second is the 210K SF 600 Townsend St. creative office property in Showplace Square that is anchored by SS&C Advent and PagerDuty.
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DivcoWest and JB Housing Ventures acquired a 137-unit Class-A multifamily building at 830 Eddy St. in the Cathedral Hill neighborhood. The 12-story property features 137 units.
FINANCING
Gantry arranged a $49M permanent loan to retire construction financing for the Silvergate Apartments, a 166-unit, market-rate community in Brentwood. Tom Dao and Erinn Cooke represented the borrower, a private real estate investor. The 35-year, fixed-rate, nonrecourse loan was secured through a U.S. Department of Housing and Urban Development program and closed during the federal government shutdown.
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Sonnenblick-Eichner Co. arranged a $50M first mortgage leasehold refinancing for the 216-room Hotel Valencia Santana Row, part of the Valencia Hotel Collection. The nonrecourse, fixed-rate, five-year loan is interest-only for the term and was funded by an international money center bank at a rate below 7%.
CONSTRUCTION
Construction has begun on the first market-rate residential building at Coyote Creek Village, a 22-acre master-planned mixed-use community in North San Jose. With developer Hanover Co., KTGY is designing the residential portion of the project, which will add 1,140 rental units within the mixed-use development.
