This Week's Bay Area Deal Sheet
Peninsula Land & Capital bought a portion of a major business park in San Jose for $37.2M. The purchase, first reported by The Mercury News, is for about 129K SF of the 177K SF property and demonstrates there is still demand for a certain kind of office park in the Bay Area.
The deal is for three buildings. Peninsula Land & Capital is a veteran real estate firm headquartered in the Bay Area.
PEOPLE
Christina Clark was named a vice chairman in the San Francisco office of Newmark. Clark is a former proptech executive and most recently worked for the tenant-focused real estate services firm Cresa.
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Meridian, a real estate developer based in Walnut Creek, tapped Michael Arvin to be its managing director of strategy and development. Meridian specializes in investing in healthcare and life sciences projects. Arvin has been an executive in the healthcare industry for more than 25 years.
SALES
The Santa Clara County Housing Authority bought a 59-unit affordable housing complex for senior citizens in east San Jose for $4.15M last week. The apartment complex is called Girasol Housing.
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Global Net Lease agreed to sell its San Jose technology campus to make way for a housing development in a sign of the depressed office market in Silicon Valley. The sale of the 160K SF building and the property will total $50M, slightly less than the $52.5M the real estate investment firm paid for it in 2014.
LEASES
CBRE arranged two lease extensions at the Rotunda Building in downtown Oakland. The lease totals about 10K SF at 300 Frank Ogawa Plaza. The Rotunda Building is owned by Rubicon Point Partners, which bought the building in January 2022 and has undertaken a renovation.
CBRE’s Andy Schmitt, Trent Holsman and Alex Robertson represented Rubicon.
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Santa Clara Valley Medical Center leased more than 200K SF of medical office space in San Jose, according to a report by CBRE. The lease is for 230K SF at 1410 South Bascom Hill from owners PMB in San Diego and Harrison Street in Chicago, which combined to buy the property for $26M last year.
