This Week's San Francisco Deal Sheet
The Deal Sheet is a weekly complication 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.
SITE Centers affiliates paid $103.2M for two retail centers in Lafayette, California. SiliconValley.com reports the properties were sold by affiliates owned by Cortese Properties. The properties, the La Fiesta Square and the Lafayette Mercantile, total nearly 131K SF. Newmark’s Nicholas Bicardo and Steven Golubchik represented the seller.
SALES
SteelWave has purchased a South San Francisco parking lot for $85M with the intention of building a life sciences facility at 101 Terminal Court, according to The Real Deal. The 10-acre site was previously owned by Park ‘N Fly, an off-airport parking company.
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The Pathfinder Village apartments in Fremont were purchased for more than $125M by Pacific Urban Investors, according to the Mercury News. Public records indicate that the 246-unit property was purchased with a $63.1M loan from Berkley Point Capital.
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Bell Partners Inc. picked up a 260-unit property in South San Francisco, with an eye toward adding more coworking and work-from-home amenities in the property. The company purchased the Cadence Apartments from Sares Regis Group of Northern California and AFL-CIO Building Investment Trust for $206M. The company has tentative plans to invest over $500K in amenity improvements to the property, which was completed in 2019.
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Duke Realty is planning the redevelopment of a former scrap metal foundry in Oakland, after purchasing the 15-acre piece of land for $62.8M. Duke will redevelop the site of the AB&I Foundry into a modernized industrial building.
PEOPLE
ASB Real Estate Investments promoted Kavita Matthews, Mary Murphy, Frank Nigro and Michael Wiest to senior vice president roles. All four employees were previously vice presidents within the company.
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ASB promoted Cassidy Toth from the role of senior research analyst to vice president and head of research. Toth joined the company in 2014.
LEASES
The State Bar of California is vacating its San Francisco headquarters at 180 Howard St. and selling the property. Cushman & Wakefield will handle the sale of the property.
