TMG Partners Set to Take Over Metreon Mall: The Bay Area Deal Sheet
The Metreon mall is the latest major retail property to trade hands in the Bay Area, with the downtown mall set to sell to TMG Partners this year, The San Francisco Standard reported.
TMG Partners negotiated the property’s price with Miami-based Starwood Capital Group to acquire the 312K SF SoMa property at 135 Fourth St. The city’s assessed value is $150.7M.
The property sits on a ground lease with the city and county of San Francisco and is over 90% leased. It is anchored by Target and AMC, which generate 60% of its income.
PEOPLE
JP LeVeque joined Cushman & Wakefield’s San Francisco office as executive vice chair and will lead origination and execution of institutional equity and debt placements in the Western U.S. LeVeque comes from Eastdil Secured, where he was managing director.
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King Street Properties hired Tanner Larson as director in its California office, where he will support the firm’s West Coast life sciences portfolio. Larson joins from Kilroy Realty, where he served as vice president of leasing and executed over 500K SF of tenant commitments, including work on Kilroy Oyster Point.
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Matthews Real Estate Investment Services opened a San Francisco office at 44 Montgomery St. The 3.8K SF space near Union Square is the firm’s fifth location in California and second in the Bay Area following its Walnut Creek opening in 2019.
SALES
The former Oakland Raiders headquarters and performance facility in Alameda has finally found a buyer in a $24M sale to Redco Development. Colliers’ Joe Yamin, Grant Diede and Will Semone brokered the transaction, securing a new 15-year lease for the Oakland Roots and Soul soccer clubs.
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BKM Capital Partners spent $43M on Hannover Industrial Park in Fremont in an off-market deal. The 165K SF, six-building industrial complex sits in the I-880 Corridor and was purchased on behalf of BKM Industrial Value Fund III, LP.
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Tourbineau Real Estate Partners acquired Tower Plaza in San Mateo for $22M. The 207K SF, five-building office campus in San Mateo, adjacent to Bay Meadows, is 27% leased. Newmark’s Steven Golubchik, Edmund Najera, Darren Hollak, Francesca Zappula and Brendan Raney represented both the seller and buyer.
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MKD Investments LP bought Pine Creek Business Park from its original developer Pine Creek Properties, the first time the property has changed hands in 35 years. The 153K SF industrial campus in Santa Rosa sold for $23.5M. Cushman & Wakefield’s Trevor Buck represented both parties in the off-market transaction.
LEASES
Walmart signed a 338K SF lease at Tech Corners, a Jay Paul Co.-owned office campus in Sunnyvale. The deal is the largest new office lease in Silicon Valley since 2023. Newmark’s Phil Mahoney and Mike Saign represented Jay Paul Co.
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Carr Workplaces relocated to 20K SF on the 12th floor at One Embarcadero Center. Carr joins tenants such as Gibson Dunn, Osborne Partners Capital Management and Blue Owl. One Embarcadero recently unveiled Mosaic, a revamped amenities space developed by owner BXP in partnership with Industrious and designed by Gensler.
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Mitac Information Systems Corporation signed a lease for the last remaining 348K SF at Fremont Technology Center. The 395K SF warehouse campus in Fremont is now fully leased. CBRE’s Chip Sutherland, Rob Shannon, Chris van Keulen and Bob Ferraro represented the landlord, an Ares Real Estate fund, while Cushman & Wakefield’s Mark Moser represented Mitac Holdings Corp.
