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The Madrone, Mission Bay: sold out in record time

Fri, 19 Apr 2013 16:43:23 +0000

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Mission Bay: Where once tumbleweeds tumbled and defunct buildings moldered, a thriving community has emerged, one that’s been developing over the past decade and a half. And part of it is Bosa’s Madrone at Mission Bay, a condo complex that broke SF records for the rapidity with which it sold out.

Composed of two 16-story towers and a total of 329 units, these condos, according to a recent press release from The Mark Company, are 100% spoken for. Despite facing a still recovering economy, The Madrone closed on more than 200 residences by the building’s completion in August 2012. In August, its grand opening month, a total of 97 units closed, making it San Francisco’s fastest selling property (previously, the most units closing escrow in a month was 50 for a single development).

Luxury condos back in demand

San Francisco’s appetite for luxury condos has been reawakened of late, but the dearth of inventory makes satisfaction of that hunger hard to come by. In March of this year, the number of available condos on the MLS was down 32.9% year-over-year, while the median sold price was up 31.6%. The Madrone met the needs of well paid tech, education, and science employees looking for for waterfront 1, 2, and 3 bedroom units with swanky amenities. But the record sell-out of every single condo in the complex is still a striking accomplishment given the price point here: Property records for a sold 2-bedroom unit show a sale price of $1,818,750; and a 3-bed for $1,995,000.

Evolution of a neighborhood

Mission Bay covers 303 acres of land between the San Francisco Bay and Interstate-280. The San Francisco Board of Supervisors established the Mission Bay North and South Redevelopment Project Areas in November 1998, successfully planning the building of the University of California, San Francisco research campus, a state-of-the art UCSF hospital complex, housing and services, all steps away from ATT Park, the home of the San Francisco Giants.

San Francisco, already so dense and tiny, offers few chances for the emergence of a new neighborhood. We asked Alan P. Mark of the Mark Company what he expects next for the area, given this large induction of new, well-monied residents.

There will be a couple of thousand renters moving into Mission Bay within the next couple of years as a number of rental buildings are being delivered. Retail services typically follow. My forecast would be that there will be a mixture of more well known entities and entrepreneurial retailers.

What do you think, readers? We have our established Haight-Ashbury, our Marina, our Pac Heights, each with their identity and unique vibe. Given these latest developments, what will be the flavor and feeling of Mission Bay?

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest, and writes for SFGate and CurbedSF. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/04/19/the-madrone-mission-bay-sold-out-in-record-time/

Fowler Buys 311 Distressed Units

Sat, 02 Apr 2011 10:43:11 +0000

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The Plaza

Inland Empire

PALM SPRINGS, CA-Fowler Property Acquisitions of San Francisco has acquired two distressed apartment complexes in this week’s roundup of sales, leases and other transactions in the West. The properties are the 156-unit Plaza at 2300-2490 E. Tahquitz Canyon Way and the 155-unit Palm Springs Village at 2700-2786 E. Tahquitz Canyon Way. The Plaza sold for $8.9 million and the Palm Springs Village for $7.6 million. Plaza, built in 1972, includes six studio, 96 one-bedroom, and 50 two-bedroom units. The seller was Tahquitz Plaza Associates LLC of Seattle. Palm Springs Village, also built in 1972, comprises 107 one-bedroom and 49 two-bedroom units. The seller was Palm Springs Desert Park Associates LLC of Seattle. The buyer plans on major interior and exterior renovations at both properties, according to Robin D. Ossenbeck, a partner in the West Los Angeles office of Hendricks Partners, who represented the buyer.

San Diego County

Core Capital Investments of Irvine has secured an $8.9 million refinancing for its 146-pad Lanikai Lane Mobile Home Park at 6550 Point Dr. in Carlsbad. The four-year loan, arranged by an HFF team led by director Tina Derderian, is at 6.55% fixed, interest-only, with ING Investment Management. Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years. The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park. The mobile home park is across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the Coaster rail line providing access into downtown San Diego. The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa.

Douglas Wilson, owner of San Diego-based Douglas Wilson Cos., has been appointed off-panel trustee on GCIC Development Corp. in Oklahoma and the 6,500-acre Sargent Ranch in the San Francisco Bay Area. GCIC Development Corp.’s portfolio includes a variety of commercial and hospitality properties throughout the Southwest. The Sargent Ranch project comprises 6,500 acres of primarily pristine farmland in the town of Gilroy, CA. There is more than $90 million in debt on the property. The assignment of Douglas Wilson as off-panel trustee by the United States Trustee reflects the extraordinary nature of these two bankruptcies, Wilson says. “These are uniquely complex assignments,” said Wilson, whose firm has provided problem resolution services for over 600 projects since 1989. “Both involve big, complicated assets with tremendous upside opportunities.”

FFP Ltd., a limited partnership with Walter and William Fiedler as general partners, has acquired a 7.5-acre parcel with a 72,712-square-foot industrial building at 4370 Jutland Dr. in Clairemont from the Conner Family Trust for $3 million. The deal is “an early sign that real estate developers and investors are positioning for infill spec development projects,” according to associate Deborah Hunkeler of Cushman Wakefield, who?along with Jay Arnett of Colliers International?represented the seller in the transaction. “There appears to be improving demand for infill properties that offer redevelopment opportunities,” Hunkeler continued. Hunkeler noted that the Jutland Drive property, which was originally developed in 1967, was listed for sale with little activity until recently. The property went into escrow with a qualified backup offer on the table. “Seller financing is playing a crucial role in these transactions since the commercial real estate lending market remains largely frozen still for spec developers,” said Hunkeler, who worked with the seller, Richard Conner of Conner Family Trust, throughout the market downturn to position the property and promote the seller’s interest in providing potential buyers with financing. “Both offers on the property were made with the intention of speculative development following the demolishment of the existing facility,” she said. The buyer is a general contracting firm with a 30-year track record in San Diego. Specific plans and timing of redevelopment have not been announced.

Northern California

Fontana Lee Apartments

Leeward Ventures LLC bought the 22-unit Fontana Lee Apartments at 290 Lee St. in Oakland’s Adams Point neighborhood from 290 Lee Street LLC. According to Kevin Turner, a senior vice president in the Oakland office of Marcus Millichap, the property is considered to be one of the top apartment complexes in Adams Point. The complex attracted multiple offers, he said, noting that “The buyer was motivated by the core Adams Point location, the significant barriers to entry, the opportunity for a long-term hold with equity preservation and the realistic exit timeline.” The complex is adjacent to Lake Merritt and Downtown Oakland. It was sold with a TIC survey map in place at the time of sale. A significant number of units have been renovated along with the common area to pre-condo conversion specs. Built in 1968 by Santos Construction, the property is a four-story wood frame and stucco building with a concrete block exterior and a concrete slab foundation. There are 15 one-bedroom/one-bath units, six two-bedroom/two-bath units and one large two-bedroom/two-bath penthouse with a wood-burning fireplace.

101 Redwood Shores Parkway

Kabam, a developer of multiplayer social games, has signed a lease to expand its headquarters for the second time in six months at 101 Redwood Shores Parkway, a four-story class A office property located at the gateway to Redwood Shores. Kabam established its headquarters at 101 Redwood Shores Parkway in March of 2010 in 15,000 square feet of office space, and first expanded in October of 2010 by leasing an additional 10,000 square feet. In March of this year, Kabam agreed to lease 15,000 sf of additional space bringing its total leased space to 40,000 square feet. Jon Mackey of Cornish Carey Commercial Newmark Knight Frank’s San Mateo office, together with Liz Hart of the firm’s San Francisco office, represent Kabam in all of its lease requirements. Kristoph Lodge and Matt Winters of Cornish Carey Commercial Newmark Knight Frank’s Palo Alto office represent landlord Diamond Investment Properties’ Redwood Shores property. In just over a year, Kabam has grown from 25 to 275 employees. The firm continues to hire and plans to add another 225 to 475 employees throughout its three locations over the next year. In early March, Kabam announced a new 25,000-square-foot lease at 405 Howard St. in San Francisco. The firm also has an office in Beijing. Currently, more than 200 Kabam employees work in the Redwood Shores headquarters.

Las Vegas

Boise, ID-based grocer WinCo Foods has acquired 17.25 acres on the southeast corner of Stephanie Street and Wigwam Parkway in Henderson from Insight Holdings for $7.1 million and plans to build a 95,000-square-foot store at the site. This will be WinCo’s first store in Southern Nevada, according to managing partner Jim Zeiter of Insight, which acquired the land in 2009. Micheal Read, spokesperson for WinCo, said the company has been looking at expansion opportunities in Southern Nevada for several years and will be looking for additional development sites at a later date. Zeiter said there was no bank involved in the sale and it is one of the few recent principal-to-principal land deals in the Las Vegas Valley.

Los Angeles

Owner-user Agron Inc. bought a 120,000-square-foot warehouse and manufacturing facility at 2060 E. Via Arado in Rancho Dominguez from 2060 E. Via Arado Property Co. for $8.1 million. The seller was represented by senior vice president Jerry Gillman and senior associate Chuck Berger of Grubb Ellis Co. Constructed in 1973, 2060 E. Via Arado is a freestanding facility situated on approximately five acres. Agron was represented by Brad Levin of DAUM Commercial Real Estate Services.

14255-14317 Lomitas

Colliers International, the second largest global real estate services organization, recently negotiated a five-year lease for a 155,992-square-foot industrial building located at 14255-14317 Lomitas Ave, City of Industry, Calif. The transaction is valued at $3.1 million. Built in 2001, the property offers state-of-the-art building features including 30’ minimum ceiling clearance and a secured concrete yard. It will be used as a warehouse by the new tenant. Steve Bellitti, senior executive vice president, Tom Taylor, senior executive vice president, and Tony Phu, executive vice president, all based in Colliers International’s Inland Empire office represented the landlord, Lomitas LP, a Orange County-based investor. The tenant, HOT Services, was represented by IDS Real Estate Group. “This is one of the few deals done greater than 100,000 SF size range in Industry this year. By tracking movement in the market, Colliers brokers were able to identify the potential tenant whose building recently sold,” said Phu. “By working with the tenant’s broker, Colliers was able to introduce the prospective tenant to the building and consummate a deal.”

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Bob Howard Bob Howard is a Southern California-based reporter for GlobeSt.com who has specialized in the commercial real estate industry for nearly 20 years. Before that, he was a business reporter in Los Angeles. Before specializing in business and real estate, he was a reporter for daily newspapers in California and Pennsylvania. Contact Bob Howard.

Article source: http://www.globest.com/news/1883_1883/inlandempire/308621-1.html