Calco Commercial represented the Owner in the sale of 238 Capp Street in the Mission District this week. 238 Capp is a 7,874+/-square foot two-story building with ground floor warehouse and second floor offices. The warehouse area is clearspan with 15′ ceilings and one (1) drive-in door. The second story offices include hardwood floors & high ceilings.
If you have questions about our other available commercial listings, or Bay Area real estate market conditions, call our office at 415.970.0000.
Source: The Registry Bay Area Real Estate
Author: Jon Peterson
On the heels of large development announcements and purchases in Redwood City, San Mateo now seems poised to capture the attention of the development world as it unveils a new large development in the middle of the hot Peninsula submarket.
Philadelphia-based EBL&S Development is planning the development of Station Park Green, a mixed-use apartment, office and retail development in San Mateo located at 1700 and 1790 South Delaware Street.
The large development showcases the opportunity this market has to offer as one of Bay Area’s best connected towns. “I would think that this project will have a total development cost somewhere in the range of $250 million to $300 million,” says Alan Talansky, a vice president of development for EBL&S. He works out of the company’s regional office located in San Mateo at 30 West Poplar Avenue.
The developer is now going through a design review stage but anticipates the project to kick off shortly. “We should be able to start the project sometime during the first quarter of next year,” said Talansky.
This project was first brought up for approval in 2011. It was then put on hold by the developer due to the financial circumstances brought on by the Great Recession. All the while, the developer anticipated a time when the market would recover and allow the development to commence.
EBL&S has been given the okay by the city to construct 599 apartmens, 10,000 to 15,000 square feet of commercial space, 25,000 to 30,000 square feet of retail and 2.3 acres of parks.
It’s anticipated that the first part of the development will be with the housing. “I would think that the initial part of the development will be with around half of the apartment units constructed,” said Talansky.
The vast majority of the apartments will be market-rate units. In terms of the affordable development, the project is planning to have either 15 percent affordable units, or 10 percent will be considered as low-income units. Most of the apartment units are planned to be one-bedrooms. This kind of housing should attract either single and/or young professional working couples and empty-nesters. The project will have only five three-bedroom units, which is something that the city of San Mateo had requested.
EBL&S estimates that employees of nearby companies should be attracted to the apartment portion of the development. “I believe that the employees located in the nearly 300,000 square feet 400-450 Concar office project owned by Hines located across the street and other close by office buildings should be attracted to the housing that we will be providing,” said Talansky.
Station Park Green is a transit oriented development. There will be a Caltrain stop located in the development. This will allow apartment renters to commute either to the north or south. This project has been selected as one of the first LEED-ND projects to attain Gold status.
The retail planned for the development will feature a neighborhood retail theme. This will serve the existing customers already living in the area and the new renters of the apartment project. One amenity planned for the apartments is to have six car-sharing spaces for its renters to use.
EBL&S is unsure at this time what the ownership structure of the project will be in the future. There is a possibility that traditional construction financing could be used on the project. There also is a chance that some institutional partners might be brought into the project. This could be a REIT or a private equity real estate fund.
EBL&S owns two other properties in the San Francisco Bay Area, according to its Web site. This is the Sun Microsystems Building located at 2525 North First Street in San Jose and Kmart Plaza at 1700 South Delaware in San Mateo.
San Mateo Planning Massive $250MM to $300MM Mixed-Use Development
3130 20th Street is now available for lease. 3130 20th Street is centrally located in the Mission District just a few blocks from BART, countless shops and restaurants. The 13,850+/- square feet that is available can be divided into three spaces (9,000+/- main PDR space; 3,250+/- separate PDR space; and 1,600+/- SF of auxiliary warehouse). The spaces will be available on or about January 1, 2015 @ $2.25 psf./$27.00 annual.
For more information on this space, our other available listings or San Francisco real estate market conditions, call 415.970.0000.
820 26th Street is now available for lease. This 6,300+/- SF warehouse/distribution space is totally clearspan with 20′ ceilings, sprinklers, heavy power and two (2) large drive-in doors. The property is situated only one block from the 3rd Street rail line and is located in the Dogpatch/Potrero Hill area. $8,700.00/month ($1.38 psf.)
If you have any questions about this property or the San Francisco commercial real estate market, please call 415.970.0000.
Calco Commercial has leased 3175 17th Street in San Francisco. This 6,800+/- square foot ground floor “creative” space includes HVAC, heavy power & electrical distribution, exposed wood ceilings, and is in close proximity to public transportation and BART. Located in the Mission District, 3175 17th Street is located directly across from Mission Bowling and the ODC Theatre.
If you have any questions about our other available listings, the San Francisco commercial marketplace or market conditions, please call our office at 415.970.0000.
Source: San Francisco Business Times
The current boom in the tech industry isn’t necessarily comparable to the 1990s dot-com bubble, although a downturn in high-tech would significantly hurt the Bay Area economy.
Those are some of the thoughts from John Williams, the Federal Reserve’s president in San Francisco, during a sit-down interview with the Contra Costa Times.
Williams said demand for products and services during the dot-com bubble came from companies that were a mirage. He noted the current tech boom isn’t necessarily as pervasive.
However, Williams said a burst tech bubble this time around would put a large dent in the economy, especially if the wealth of employees at companies such as Facebook and Google plummeted.
Williams said the Bay Area economy is improving dramatically with the exception of the housing industry in some outlying areas.
He noted San Francisco’s economy is “on fire,” thanks to in part to a strong real estate market.
http://www.bizjournals.com/sanfrancisco/blog/2014/08/sf-fed-reserve-president-high-tech-boom-bubble.html
Source: San Francisco Business Times
Author: Blanca Torres
It’s no secret that tech leasing is driving San Francisco’s office market, but exactly how much?
At the end of last year, San Francisco was home to more than 53,000 tech jobs— a number that has grown significantly in recent years and is expected to keep growing.
What that means for real estate is that of the close to 3 million square feet of office space under construction,100 percent of the tenants pre-leasing space in forthcoming buildings are tech companies according to data crunched by Cushman & Wakefield. So far, those firms snatched up 70.1 percent or about 2.2 million square feet of the space under construction.
That includes buildings such as:
222 Second St., 450,209 square feet: 100 percent leased to LinkedIn.
333 Brannan St., 180,000 square feet: 100 percent leased to Dropbox.
345 Brannan St., 113,000 square feet: 100 percent leased to Dropbox.
350 Mission St., 444,000 square feet: 100 percent leased to Salesforce.
270 Brannan St., 182,000 square feet: 100 percent leased to Splunk.
415 Mission St., 1,412,898 square feet: 50 percent leased to Salesforce.
535 Mission St., 303,780 square feet: 30 percent leased to Trulia.
For existing space, the tech leasing explosion means more landlords are looking for ways to make their buildings “creative” with features like taking out dropped ceilings — a trend that applies to 14 percent of commercial business district space in San Francisco. Landlords have modified about 10.2 million square feet of traditional office space to fit the needs of tech tenants. Rents for modified space have risen an average of 52 percent since the bottom of the market to $64.44 per square foot.
Rents for “prime creative space” went up even faster, by 76.5 percent since the bottom of the market in to average asking rates of $61 per square foot, Cushman & Wakefield said. San Francisco’s office market includes about 51 buildings constituting 6.5 million square feet of creative space defined as “historic and/or brick & timber construction that has undergone a major retrofit.”
Average asking rents in San Francisco’s overall office market shot up about 55 percent to $63 per square foot since the bottom of the market.
http://www.bizjournals.com/sanfrancisco/blog/real-estate/2014/08/tech-dominates-linkedin-salesforce-dropbox-trulia.html?page=all
2130 Oakdale Avenue has been brought to the market available for lease by Calco Commercial. This 12,800+/- square foot concrete building boasts 25′ ceilings, 400 amp 3 phase power and one (1) large drive-in loading door. Located in the Bayshore area of San Francisco, this property has great freeway access (to both Highway 101 and I-280) and will be available to lease October 1, 2014 at $1.30 per square foot.
If you have any questions about this listing or our other available commercial real estate, please call 415.970.0000.
13,235 – 17,000+/- square feet of the ground floor at 375 Alabama Street has been brought to the market for lease by Calco Commercial. This space is zoned PDR, has three (3) loading doors, one (1) drive-in door, two (2) pony dock-high doors, 17′ ceilings, excellent natural light and side loading via a small exterior yard.
375 Alabama Street is centrally located in the Mission District with excellent access to public transportation, parks, restaurants and shops and will be available for occupancy January 1, 2015 at $1.65 per square foot.
If you have questions about this property, or out other available commercial properties, please call 415.970.000.
Calco Commercial has just brought 360 Bayshore Boulevard to the commercial real estate market for lease. This 5,720+/- square foot clear span warehouse has one (1) drive-in loading door and has zoning that allows for wholesale and retail uses. The property is available now and is leasing for $1.50 per square foot, NNN.
If you have any questions about this property or our other available listings, please call 415.970.0000.
