This Week's Bay Area Deal Sheet
Los Angeles-based Primestor Development has picked up the 246K SF Hilltop Plaza at 3190-4251 Klose Way in Richmond for nearly $37M.
According to the San Francisco Business Times, Beachwood, Ohio-based Site Centers Corp. was the seller.
Tenants at the strip mall, which is 88% occupied, include Ross Dress for Less, City Sports Club, DD’s Discounts and Century Theatres.
“Hilltop Plaza represents the opportunity to acquire a strategic infill project that aligns with our investment strategy of empowering communities through the acquisition and management of institutional quality real estate,” Primestor Chief Investment Officer Lonnie Vidaurri said in a statement.
JLL represented the buyer and the seller.
SALES
Longtime SoMa occupant California College of the Arts shed two 11K SF buildings for $5.5M. Eco Outdoor Group, an Australian outdoor furniture and building supplies company, acquired the property at 350-360 Kansas St. in the Design District on June 10, according to the San Francisco Business Times.
The retailer plans to use the property as a showroom, the Business Times reported.
The retailer’s U.S. operations are based in Beverly Hills.
LEASES
Avison Young has opened a new Silicon Valley office at 229 Forest Ave. in Palo Alto. With 22 employees, Avison Young occupies the second floor and plans on adding more employees down the road. Pacific Art League owns the building, constructed in 1928.
DEVELOPMENT
Fremont Bank has moved into its new headquarters at 39150 Fremont Blvd. in Fremont. The San Francisco Business Times reported the 34K SF, six-story building cost nearly $40M to build. The June 15 opening of the facility marks the bank’s 60th anniversary.
The asset is at the gateway of the Capitol Avenue renewal project.
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Pre-leasing has begun on a 22-story waterfront residential tower on Treasure Island. San Francisco developer Wilson Meany and Stockbridge Capital Group are developing Isle House, a 250-unit market-rate rental complex with 1,100 SF of street-level retail space.
Move-ins are scheduled to begin in August.
FINANCING
The Icon/Echo, a two-tower mixed-use project owned by Urban Catalyst in downtown San Jose, will serve as collateral for $10.5M in financing. Arranged by Gantry, the loan will be used to recapitalize the land site and fund pre-construction.
Plans call for a 27-story multifamily tower and a 21-story office tower with ground-floor retail. Construction is slated to begin within two years.
