This Week's Bay Area Deal Sheet
Snapchat parent company Snap Inc. and Supercell, a mobile game maker, signed leases within a month of each other at Levi's Plaza in San Francisco, according to the San Francisco Chronicle.
The nine-building, 900K SF property at 1105 Battery St. is owned by Jamestown Properties and is located on the city’s northern waterfront. Snap will take 37K SF while Supercell will take 16K SF.
The companies were formerly located in the downtown area, once a hotspot but now plagued with office vacancies.
CONSTRUCTION AND DEVELOPMENT
USA Properties Fund and multifamily owner and manager Greystar held a grand opening for their newest project, Adega II in Rohnert Park, on Nov. 8. Adega has a total of 209 homes with apartments ranging from one to three bedrooms.
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Dostart Development Co. and Sares Regis Group of Northern California are redeveloping a post office into a restaurant space. The development will take place at the base of the 220 Park Road residential project in Burlingame. The restaurant will span about 8K SF, plus an outdoor dining area.
PEOPLE
TMG Partners, a Bay Area-based real estate investor and developer, promoted President Matt Field to the position of co-CEO. Fields joined TMG in 1993 and since 2003 has been involved in over $5B of transactions.
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CBRE hired Nan Reed, Rose Mondragon, Michelle Escobar and China Botsford to join its project management team in the San Francisco Bay Area. The team will support CBRE’s consult, design and build line of products for project management.
FINANCE
CBRE arranged $9M in refinancing for an industrial building in Alameda. The loan is fully amortized over 25 years, with a rate reset at the end of every five years. The property is fully occupied and situated on almost 7 acres directly north of the Alameda Waterfront.
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Gantry secured a $9.5M permanent loan to refinance the Plaza North Shopping Center in Petaluma. The loan is for seven years and has a fixed rate. The shopping center is 101K SF and has tenants that include CVS and Starbucks.
