Cassidy Turley Significant Deals in Northern California – February 19, 2013
Peninsula Land & Capital Buys 100% Leased, 42,622 SF Class A Office Building in Mt View for $17.7 Million
February 19, 2013 – Daniel Persyn and Tucker Beim with Cassidy Turley represented buyer Peninsula Land & Capital in the investment acquisition of a 42,622-square-foot, multi-tenant Class A office building in Mountain View for $17,775,000 ($417.04 per square foot). The seller was Seagate Properties, represented by Laurence Blickman also of Cassidy Turley, which purchased the property just over two years ago. The three-story building is located at 2465 Latham Street and was roughly 100% leased at the time of sale. Seagate Properties had recently completed substantial interior and exterior upgrades to include lobby, elevators, exterior painting, landscaping and HVAC. The property is within walking distance to Caltrain and numerous amenities and restaurants, including the Village at San Antonio Shopping Center. It also offers convenient access to/from highways 280 and 101, and Central Expressway. Key tenants in the building include Guardian Analytics and Udacity.
Storm8’s Gaming Success Leads to Direct Lease Expansion in 50,305 SF Building at Expansion-Friendly Bayshore Technology Park
February 19, 2013 – Erich Sollman of Cassidy Turley represented tenant Storm8, a leading developer of social games, in the direct lease of an entire 50,305-square-foot Class A office building at 1000 Bridge Parkway in Redwood Shores (Redwood City). Storm8 's tremendous success in the gaming industry necessitated the need for more space to allow for their high growth. The company’s direct term commenced in December. 1000 Bridge Parkway is part of the prestigious 20-building Bayshore Technology Park, located right at Highway 101 and 92, which is owned by Harvest Properties. Mike Moran, Ben Paul, Randy Arrillaga, and Randy Keller also of Cassidy Turley represented Harvest in the transaction.
Storm8 is the leading developer of social games for iOS and Android with more than 400 million total downloads to date, is also home to three innovative brands: TeamLava, Shark Party and FireMocha. Under these brands, Storm8 has amassed a network of over 200 million devices worldwide and continues to create engaging mobile social games that span genres – from casual arcade hit Bubble Mania, to social casual games like Pet Shop Story, Restaurant Story, Bakery Story and Dragon Story, to MMORPGs like World War, iMobsters and Vampires Live, to social casino games like Slots.
Storm8 is among several tenants that the Bayshore Technology Park has successfully expanded over the years. Approximately 20 tenants have expanded at the project for a total of over 715,000 square feet of such activity, to include notable expansions from companies such as Shutterfly, Qualys, Model N, X Time, Trilliant, Zuora, Strongmail, and Imperva. The Bayshore Technology Park is viewed as a premier project for the Bay Area’s fast-growing companies and is a market leader in ably expanding them.
NBS Plans Major Expansion, Moving Manufacturing Headquarters to Dixon Landing Business Park in Milpitas
February 19, 2013 – Kent Hillhouse, Scott Borgia and Sutton Roley with Cassidy Turley have joined forces to broker the lease of an entire 54,400-square-foot freestanding building between landlord PS Business Parks and tenant NBS Design, Inc. (http://www.nbscorp.com) at the Dixon Landing Business Park in Milpitas. Premier EMS provider NBS’s new facility will expand floor space for its assembly and test operations by an additional 50 percent. The Silicon Valley company will move its manufacturing headquarters from Santa Clara in Q1 2013, when it will officially open its new state-of-the-art building in Milpitas at 1940 Milmont Drive.
NBS released the following statements in an official new release,
"We are pleased to announce this latest move and expansion of our business for a variety of reasons," commented Michael Maslana, President and CEO. "In the context of ongoing industry discussion about re-shoring, it's in no small measure an indicator of the resilience of US manufacturing and NBS in particular. Our perspectives on Made in USA have been cornerstones of the NBS business strategy for years, even when the basic notion was unpopular. So we're genuinely excited to open 2013 demonstrating results to substantiate those ideas."
Maslana concluded, "NBS is the Evolution of EMS, and we will continue to redefine what are essential characteristics and competencies of the ideal EMS provider."
"PS Business Parks is more than pleased to accommodate NBS' growth into the Dixon Landing Business Park in Milpitas. NBS is a highly specialized EMS provider with deep roots in Silicon Valley. The fact that NBS has made the decision to keep manufacturing in the USA exactly aligns with PSBP's strategy, as 100 percent of our approximately 30 million square foot portfolio is in the U.S.," says Dick Scott, Divisional Vice President.
Hillhouse and Borgia represented PS Business Parks and Roley represented NBS in the transaction.
San Jose Evergreen Community College Buys Downtown Building for $4.3 Million, Will Relocate Office
February 19, 2013 – Michael Speers with Cassidy Turley along with Duffy D’Angelo and Dave Schmidt of Colliers International represented seller Sleepy Hollow Investment Management in the sale of a 36,363-square-foot office building in downtown San Jose for $4,350,000 (±$120 per square foot) to San Jose Evergreen Community College District. The distinct, red seven-story building is located at 40 South Market Street, near the corner of Santa Clara and Market streets. San Jose Evergreen will be relocating its office from southeast San Jose on San Felipe Road—positioned on the current Evergreen college campus—to its more centralized location in Downtown. 40 South Market will house San Jose Evergreen’s administrative services, including boardroom meetings. The move is reportedly being made to help increase the District’s visibility and better generate funding to help benefit students. It will also give San Jose Evergreen better convenience to its sister school, San Jose City College.
The currently multi-tenant property was over 60 percent vacant at the time of sale. Evergreen Community will occupy the more than 22,000 square feet of vacant space and is anticipated to expand into the remainder of the building as the existing tenants leases expire.
Girl Scouts of NorCal Relocating Office from Oakland to Alameda, Signs Long-Term Deal for 20,688 SF
February 19, 2013 – Barry Cohn, David Englert and Mel Harrison with Cassidy Turley represented the Girl Scouts of Northern California and John Dolby and Michael Raffetto also of Cassidy Turley represented landlord Worthington California Investments in the lease of 20,688 square feet of Class A office space in Alameda. The Girl Scouts signed a long-term agreement for the majority of the ground floor space at 1650 Harbor Bay Parkway. The Girl Scouts will be relocating its current offices from 7700 Edgewater Drive in Oakland—where the organization operates in about the same square footage—to its new Alameda location in May. 1650 Harbor Bay Parkway is a two-story, 63,300-square-foot Class A office/flex and state-of-the-art life sciences building situated in the Harbor Bay Business Park, adjacent to Hampton Inn.
Girl Scouts of the USA has a membership of over 3.2 million girls and adults. At Girl Scouts of Northern California over 49,000 girls and 32,000 adults take part in Girl Scout programs each year. Girl Scouts tailors its programs for the developmental, educational, emotional and social needs of girls, building girls of courage, confidence and character who make the world a better place.
Salinas Valley Memorial Healthcare Sells Second Property, A 22,912 SF Building in Monterey for $3 Million
February 19, 2013 – Wylie Mitchell and Greg Findley with Cassidy Turley represented seller Salinas Valley Memorial Healthcare System (SVMHS) in the disposition of a 22,912-square-foot R&D/flex building in Monterey for $3,005,000 ($132 per square foot). The property is located at 21 Lower Ragsdale, and was purchased by 21 Lower Ragsdale Partners, LLC. The attractive, single-story building includes 16,628 square feet of office and 6,285 square feet of warehouse space with high-end improvements throughout. The building was approximately 65% occupied at the time of sale. It was originally constructed as a built-to-suit for Pro Log by developer Spieker Properties. This is the second property sold off by SVMHS, with the first property—an 11,547-square-foot building in the Harden Ranch Medical Plaza—selling last March.