NAI Northern California Represents Seller in $9.4 Sale of North Beach Office Building

SAN FRANCISCO, CA – NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $9,435,000 sale of a three-story office building in the North Beach neighborhood of San Francisco.

NAI Northern California’s Senior Investment Advisor Alex Barker and Investment Advisor Thomas Loretz represented the sellers in this transaction. “Our team at NAI Northern California was able to overcome several obstacles to successfully advise our clients on the sale of their highly visible property,” states Mr. Barker.

“We professionally guided our clients through the sales process, with our hands-on approach and our extensive knowledge of the local market.”

Located at 665 Chestnut Street in San Francisco, the three-story, 16,900 square foot office building stands on the historic streets of the North Beach district with easy access to restaurants, cafes, public transportation and well as the nearby Embarcadero waterfront, and Financial District.

This North Beach office is in a prime location for public transportation systems including the Powell-Mason cable car line and multiple MUNI locations for easy access to all parts of the San Francisco Bay Area.

665 Chestnut Street was 100% occupied at the time of sale enabling Alex and Thomas of NAI Northern California to deliver an ideal investment income opportunity in the San Francisco office market.

 

About NAI Northern California

NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers
Download Article PDF here

 

Continued Success for New NAI Agents

 

Alex Orloff (L) and Shivu Srinivasan (R) with President James Kilpatrick

Congratulations to two more NAI Northern California agents who just closed their first deals!

Alex Orloff recently closed the Desert Sand Motel, a 42-room independent motel in a prime downtown Sacramento location for $2,000,000. The 11,276 square foot motel includes a cafe and two-bedroomowner’s apartment. According to Alex, “This hospitality investment gave an experienced operator access to the growing downtown Sacramento market in a rare value-add opportunity.”

Alex’s professional career spans both real estate investing and digital advertising. His background brings a uniquely well informed and strategically thoughtful advisory to clients from ownership, operations, and portfolio management perspectives.

Shivu Srinivasan‘s first deal was a multi-family property located on Regent Street in Alameda for $1,400,000. He “represented both the buyer and seller in this off-market transaction. The transaction is only one of three ever recorded in the city of Alameda to sell at or over $280,000 per unit. This was an excellent opportunity to acquire a stable asset  with high rental upside and a market CAP of 5.42%.”

After beginning his career as a commercial analyst with the U.S. the Department of Commerce, Shivu began working for the sales team at LoopNet, CoStar’s marketing platform, immediately establishing himself as the top producer. As a resident of the Bay Area for 7 years, he has an intimate knowledge of the regional market.

Congrats on your first deals at NAI! Interested in a career at NAI Northern California? Click here for more information.


Congratulations on Closed Deals!

We’d like to highlight the accomplishments of two recently-licensed NAI Northern California agents who just closed their first deals!

Brian Skavdahl recently closed 150 Birch Street, a 5-unit Redwood City multi-family property, for $1,950,000 ($150,000 over ask) at 3.03% CAP. According to Brian, “150 Birch Street was a rare opportunity for an investor to own within close proximity to an up-and-coming downtown Redwood City. The location of the property, as well as a lack of inventory in the area, led to extremely competitive offers and a close of escrow after on 33 days on the market. With all leases well below market rents, the new owners can expect immediate upside in cash flow.”

Born and raised in the Bay Area, Brian has grown to become an expert in both the Peninsula and South Bay Markets. His knowledge of the area allows him to provide valuable insight and intelligent advice to both buyers and sellers in these markets.

Peter Hong listed a 3-unit multi-family property located at 43563 Ellsworth Street in Fremont, CA. The 3-bed, 2-bath townhomes in an award-winning school district closed for $1,775,000 at 2.02% CAP! Insight from Peter: “The purchase and sale of 43563 Ellsworth Street was just one of only a handful of multi-unit residential sales in the Mission San Jose neighborhood over the last ten years. The buyer had a rare opportunity to obtain a property in an area where word of mouth helps keep vacancies at consistently low rates. All inspections and contingencies were completed in a timely manner, leading to closing of escrow within forty-five days.”

Peter received a Master of Business Administration degree from the University of Michigan, helping him to better understand the world of commercial real estate.

Congrats on your first deals, gentlemen! We can’t wait to see what the future has in store for you both.
Interested in a career at NAI Northern California? Click here for more information.

Brian Skavdahl (L) and Peter Hong (R) with President James Kilpatrick

Continued Success for New NAI Agents

Congratulations to two more NAI Northern California agents who just closed their first deals!

Alex Orloff recently closed the Desert Sand Motel, a 42-room independent motel in a prime downtown Sacramento location for $2,000,000. The 11,276 square foot motel includes a cafe and two-bedroomowner’s apartment. According to Alex, “This hospitality investment gave an experienced operator access to the growing downtown Sacramento market in a rare value-add opportunity.”

Alex’s professional career spans both real estate investing and digital advertising. His background brings a uniquely well informed and strategically thoughtful advisory to clients from ownership, operations, and portfolio management perspectives.

Shivu Srinivasan’s first deal was a multi-family property located on Regent Street in Alameda for $1,400,000. He “represented both the buyer and seller in this off-market transaction. The transaction is only one of three ever recorded in the city of Alameda to sell at or over $280,000 per unit. This was an excellent opportunity to acquire a stable asset  with high rental upside and a market CAP of 5.42%.”

After beginning his career as a commercial analyst with the U.S. the Department of Commerce, Shivu began working for the sales team at LoopNet, CoStar’s marketing platform, immediately establishing himself as the top producer. As a resident of the Bay Area for 7 years, he has an intimate knowledge of the regional market.

Congrats on your first deals at NAI! Interested in a career at NAI Northern California? Click here for more information.

NAI Northern California’s Jordan Geller Closes Back to Back Sonoma Apartment Complexes

SONOMA – January 2015 – NAI Northern California announced the sale of two Sonoma apartment buildings this month, another closing shortly, and a 4th coming to market. The closed transactions sales prices are $2,850,000 for 16 units and $1,498,000 for 10 units.

The well-located 16-unit at 885 Broadway, is a half mile from Sonoma’s downtown Plaza. While current rents are below market, after capital improvements the buyers expect significant rent growth. The complex will also benefit from the proposed Sonoma Gateway Commons project, planned for the northeast corner of Broadway and MacArthur.

The 10-unit at 120 Buena Vida Court is in the El Verano neighborhood of Sonoma with below market rents as well. This rental sub-market has vacancy under 4%. That demand fuels a plan to potentially add units to the large lot.

NAI Northern California has another multi-unit Mill Valley property currently under sales contract near asking for $3,320,000 and a 3.27% cap rate that is scheduled to close in the coming weeks. Joby Tapia is handling that sale and has another large multi-family asset that will be brought to market shortly.

President of the firm, James Kilpatrick added, “As we continue to see competition for high quality assets in core markets, real estate professionals like Jordan Geller and Joby Tapia may be suggesting to their clients that it’s a good time to sell assets–particularly if they have identified larger or add-value opportunities to exchange into”.

Jordan is a current member of the San Francisco Urban Land Institute and serves on a committee to explore increased housing density along San Francisco’s transit corridors for the San Francisco Housing Action Coalition. Joby has over 15 years experience managing commercial and multifamily assets and is a CAA certified instructor for CCRM designation coursework.

About NAI Northern California

Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California prides itself on its accomplishments, culture and growth. With three offices in the Northern California Bay Area and 385 worldwide, NAI Global is the largest managed network in the world. For more information regarding these sales and other properties in the NAI portfolio, please contact (415) 226-0360.