This Week's Bay Area Deal Sheet
Peet's Coffee is moving from an Oakland distribution center after the roof collapsed this spring, killing one employee.
The Berkeley-based beverage company will leave the Bay Area for Tracy, moving out of a building owned by Prologis.
The building collapse, prompted by the heavy rains that slammed the Bay Area this winter, prompted Peet’s to move its operations from the 128K SF facility in Oakland to Tracy.
PEOPLE
Colliers announced Grant Lammerson will be added to its capital markets practice in the western U.S., bridging capital market activities from the Bay Area to Utah. Lammerson served as a vice chair at Newmark's San Francisco office.
SALES
BH Properties bought the Holy Names University campus in Oakland last week. While the sales prices wasn't disclosed, the listing price was close to $70M, according to The Real Deal. The Los Angeles-based real estate investment firm will reportedly maintain the campus as an educational institution after Holy Names defaulted on its loan earlier this year.
LEASES
Tesla will lease an approximately 210K SF manufacturing facility in Fremont previously used as an Applied Materials factory. The building is owned by Prologis. Tesla will use the plant to advance its battery technology, according to the San Francisco Business Times.
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DivcoWest announced Ideaya Biosciences, a precision medicine oncology company, leased about 140K SF of Class-A office in South San Francisco’s Sierra Point life sciences cluster. Ideaya Biosciences was represented by Grant Dettmer and Scott Miller of JLL.
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Sixth Street and Madison Capital announced the closing of a $260M sale-leaseback transaction with an affiliate of Seagate Technology Holdings. Seagate will continue to occupy its 31-acre, 575K SF headquarters and research and development facility. The lease has a minimum of 10 years with a possibility for a 20-year term. Cresa and Cushman & Wakefield represented Seagate on the sale.
CONSTRUCTION AND DEVELOPMENT
Edens will perform renovations at Strawberry Village, a 175K SF retail property in Marin County. The company acquired the property in 2022 and will reimagine the outdoor components of the space with completion slated for 2024.
FINANCING
Capital One provided a $24.6M loan to California Landmark to refinance an 80-unit apartment building in Larkspur. California Landmark took out the loan, which was originated by Senior Vice Presidents of Agency Finance Greg Reed, Kristen Croxton and Tina Quirin.
