How would San Francisco’s proposed fees on empty storefronts affect retail and mixed-use properties?

This week the San Francisco Board of Supervisors will vote on whether to require owners of vacant storefronts unoccupied for more than 30 days to register their properties and pay an annual fee. This is one of the proposals they are considering to get a better idea of and start to remedy the glut of unused storefront space around the city.

Read more on Curbed San Francisco

Stanford Shopping Center wants to tear down a Macy’s store to make room for luxury retailers

The Macy’s Men’s store at Stanford Shopping Center could soon be replaced by retail heavyweights.

Simon Malls, the mall’s operator, proposed tearing down and replacing the 94,337-square-foot building with a Restoration Hardware and a Bashford luxury retailer, the Palo Alto Daily Post reports.

The men’s department store would be then merged into the shopping center’s main Macy’s store, Simon Malls Spokeswoman Solana Tanabe told the post.

A three-story, 43,581-square-foot Restoration Hardware store would reportedly take over the direct location, with a one-story 28,000-square-foot The Wilkes Bashford shop built on the nearby parking lot between Sand Hill Road and Pistache Place. Simon Malls is also looking to construct two 3,506-square-foot buildings as part of the plans.

Simon Property Group bought the mall from Stanford University back in 2003 for $333 million, though it still leases the land from the university. The surrounding region —  which includes Palo Alto, Menlo Park, Woodside and Atherton — is prime for luxury stores, with Stanford’s median home value estimate is just of $3 million, according to Zillow.

Restoration Hardware reportedly will be designing its building to include a rooftop restaurant and garden, as well as second-floor terraces. Simon Malls also has an alcohol permit in the works.

 

Read more at San Francisco Business Times

 

Lucca Ravioli building asks $1.45M

Famed Valencia Street cornerstone for sale in triple-building package.

The building that for nearly a century housed Lucca Ravioli Company on Valencia Street is, as anticipated, up for sale. It’s part of a three-building package along with the two related buildings, all stuffed with a price tag of more than $8.28 million.

According to to the official history of Lucca Ravioli, the Italian goods store opened its 1100 Valencia Street locale in 1925 (18 years younger than the circa-1907 building it occupies), a family owned-institution that has endured through booms, busts, world wars, depressions, and the ever-changing character of the Mission District.

But as Eater SF reported in January, the neighborhood received shocking news that Lucca Ravioli will sell its last batch of tagliarini on April 20.

According to the San Francisco Chronicle, no one will take over the family business once 50-year proprietor Michael Feno retires. The sale of the off-the-market building will certainly finance quite a retirement in today’s market.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

 

Read more at Curbed SF

 

 

 

NAI Northern California ranks in Top 5 San Francisco commercial real estate brokerages with revenue up 18% entering 2019

Leader in Bay Area multifamily, retail, and office investment sales and leasing transactions owes continued expansion to its team of talented people

Fast-forward from its 2004 debut on the San Francisco Bay Area real estate scene, NAI Northern California has grown in transaction volume to the 5th largest commercial real estate brokerage in San Francisco and 6th largest in the East Bay according to the San Francisco Business Times. With a major specialization in investment property sales and corporate leasing transactions, the company was up 18% in total revenue from the previous year.

“We are proud to have evolved into one the top brokerages that Bay Area investors turn to when it comes to representation of their multifamily, retail, office, industrial, and land assets,” says President James Kilpatrick.

He points out, “The secret to our success is that we invest in talented real estate professionals who provide amazing service on transactions and offer deep expertise on Northern California submarkets and far beyond. We bring together a group of people as diverse as the Bay Area itself, and we value what all these different experiences bring to serving our clients. Our company culture is really big on professional development and empowerment, from our interactive sales training workshops to our technology platform that encourages a high level of collaboration.”

At NAI Northern California’s recent 2019 Kick-Off Event hosted in downtown Oakland, James Kilpatrick and Brett Stratton led the team in celebrating great momentum. For the third year in a row, the spot of company-wide Top Producer was earned by Shivu Srinivasan, who leads one of the most successful teams in East Bay multifamily sales. Other top producers in the 2018 NAI Northern California President’s Club, include Kent Mitchell, Doug Sharpe, Ethan Berger, Tim Warren, Joel Calvillo, Mary Alam, Grant Chappell, Kevin Flaherty, Rudas Gebregiorges, and Joby Tapia.

“2018 was a great year for NAI Northern California, and we are excited to be celebrating with all our top agents in Las Vegas this spring for our Top Producers Retreat,” says James Kilpatrick. “Our San Francisco and East Bay teams are solid, and as the year unfolds NAI Northern California is ramping up an expanded presence to serve our clients in the South Bay Area.”

 

Jordan Geller and J.B. Williamson on SFGate: Want to be the owner of Lucca Ravioli Co.?

Jordan Geller and J.B. Williams of NAI Northern California represent the sale of  1100-1118 Valencia Street. They recently talked to SFGate.com on the sale of the iconic Lucca Ravioli location: “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property….”

After nearly a century, San Francisco’s well-loved Lucca’s Ravioli Company on a busy Valencia Street corner will close, and the property–all total, three buildings–is for sale at $8.285 million.

….

Lucca’s is a San Francisco institution…Michael Feno has made the store part of his daily life for over 50 years.

….

After trying to figure out a way to keep the business in the family, Feno has decided, with mixed emotions, to put the storefront and adjacent company-owned buildings up for sale.

….

The Lucca’s storefront and mixed-use structure is only one part of this package. Also for sale are associated buildings at 1102-1110 and 1114-1118 Valencia Street.

These buildings were formerly part of the Lucca Ravioli Company’s production and operations. Now, they could be just about anything: This portion of Mission District land is zoned as NCT, which stands for Neighborhood Commercial Transit district zoning.

….

Listing agents Jordan Geller and J.B. Williams indicated that Lucca’s last day of operation will be Easter of this year.

It’s hard not to want to know now what will become of the store, but Michael Feno doesn’t want to control its future. “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property,” Geller told SFGate. “But he has no plans to limit or put conditions on the sale.”

Perhaps after almost 100 years, the family feels, finally, ready to let go.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read the full article on SFGate.com

 

Lucca Ravioli Co. slated to close as old San Francisco family divests its real estate holdings

Pair of buildings that host beloved deli, seven housing units, readying for sale.

“It’s very important that the marketing photos make the units look good,” tenants told in letter.

The building on the corner of 22nd and Valencia Streets that houses Lucca Ravioli Co., the last commercial outpost of the Feno family, which has done business in San Francisco for nearly 100 years, appears to be readying for sale.

No, not the parking lot next door that already sold for around $3 million in October — the actual building where the ravioli magic has happened since 1925.

That’s not all: The six-unit apartment building next door at 1102-1106 Valencia, which the Feno family also owns, is apparently up for sale, too.

Residential tenants of both buildings received a letter in mid-December stating that representatives of the commercial real-estate firm NAI Northern California — along with Lucca’s owner, Michael Feno — would walk through their apartments for inspections and photos. Their places, the letter said, must be “clean without personal belongings strewn about.”

“These are marketing photos,” the letter reads. “It’s very important that the marketing photos make the units look good.”

The letter adds: “To help incentivize the tenants, we would like to offer those that do a gift-card.”

Of course, this raises questions over whether these tenants will be shooed out of their places to raise the value of the buildings. Tenants, who declined to be interviewed for this piece, are discussing their options.

A Lucca employee confirmed that the deli will close in spring 2019.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read more at Mission Local

 

City begins Transit Center repairs but won’t set reopening date

“Repairs are scheduled to be complete by the first week of June 2019.”

The Transbay Joint Powers Authority (TJPA) announced Friday that repairs will finally begin on the Transbay Transit Center, more than four months after mysteriously cracked support beams shuttered the barely-used, $2.2 billion downtown facility.

According to Friday’s statement:

Early morning Saturday, February 2, 2019 , crews will replace the hydraulic jacks on First Street with a shoring system to allow the TJPA to reinforce the girders on the bus deck above First Street.

[…] Steel plates are currently being fabricated offsite and will be delivered to the transit center in March for installation. Repairs are scheduled to be complete by the first week of June 2019 and then the shoring systems at both Fremont and First streets will be removed.

 

Read more at Curbed SF

 

 

A’s Dave Kaval unveils gondola plan to link BART, Howard Terminal

The A’s unveiled plans for a gondola to run from BART to their proposed Howard Terminal site, including a tower above Washington Street.

London, New York, Portland, Ore., and Mexico City are among the urban centers making good use of gondolas, a transportation trend popping up worldwide, and A’s President Dave Kaval sees his team fitting right into that niche.

Kaval has mentioned the potential for a gondola to ferry fans from BART to the team’s proposed stadium at Howard Terminal, just north of Jack London Square, and Saturday morning he unveiled artist renderings and a video simulation of the project.

The gondola would ferry about 6,000 people per hour; cabs with a capacity of 30-35 would make a three-minute trip of less than a mile along Washington Street in Oakland, linking the BART station at 12th and Washington to Jack London Square. The gondola would transport an estimated 1 million people per year, Kaval said.

Read more at the San Francisco Chronicle

 

 

In 2069, your food will shop for you

Industry experts place their bets on the supermarket of the future.

The trouble with predictions about the future of food is that they usually wind up being wrong. Where, for instance, is the dog-sized cow engineered to graze in my backyard? Meals today don’t come in pill form, and despite decades of anticipation, insects haven’t replaced farm animals as a meaningful source of protein. You’ll understand why I’ve approached the question of how we’ll shop for food in the year 2069 with some amount of hesitancy.

To find my footing, I called Max Elder at the Institute for the Future, a think tank based in Palo Alto, California. Elder works as a researcher in the Food Futures Lab, which companies and governments hire to do exactly the type of blue-sky thinking that conjures up an idea like that backyard cow—or, in this particular case, blenders and refrigerators that can conspire to manipulate commodity markets. Whether or not these concepts bear out, Elder tells me, he believes that engaging in such speculation is critical to shaping our world. Fail to dream about the future, and you forfeit your role in its creation.

Today, the grocery store is in a period of particularly rapid change, as more and more companies vie for their share of America’s $650 billion food retail sector. Legacy supermarket chains like Kroger and Albertsons are now up against discount rivals like Walmart and Costco, European transplants Aldi and Lidl, plus drugstores, dollar stores, and, of course Amazon, which has been steadily encroaching on food retail since its 2017 acquisition of Whole Foods. All that competition has produced a climate of innovation, as retailers try to best each other on exclusive products and services, value, technology, and convenience. The choices they make matter: Everybody eats, after all, and what we consume is determined to a large extent by what our grocery stores decide to offer.

In forecasting where the industry will go over the next few decades, Elder told me, “The idea is to push people beyond notions of what’s plausible to what’s possible. What are the values implicit in the question? What will the food system look like if we optimize for different values?” He encouraged me to think of it all not so much as predictions but imaginings. So, I decided to suspend disbelief, loosen my grip on reality, and imagine a world where T-bone steaks grow on trees (or at least in bioreactors), snacks are tailored to my microbiome, and my morning coffee arrives by drone. Saddle up, everyone! Don’t forget your decoder rings.

Read more at Medium

 

 

Big downtown San Jose housing towers, retail, restaurant complex pushes ahead

A big development that will bring downtown San Jose two striking residential towers containing more than 600 dwellings, along with spaces for a restaurant, coffee shop and retailers, is slated to push ahead with construction this month, according to a realty executive.

Miro is a housing high-rise that would dramatically reshape San Jose’s skyline and become its tallest towers.

The project has gotten through a three-month delay after workers hit an aquifer and water poured into the construction site, creating a large pond that had to be controlled and pumped out.

Now that project developer Bayview Development Group has vanquished the water woes, contractors are expected to begin pouring the surface concrete slab within the next few weeks, a necessary prelude to construction of the vertical components.

 

The development would include two towers that each will rise 28 stories and will also offer 18,000 square feet of commercial space, including enough room for a sit-down restaurant, a coffee shop and other retailers.

 

The project fronts on East Santa Clara Street as well as the corners of North Fourth and North Fifth streets. It’s right across the street from San Jose City Hall.

 

 

Read more on East Bay Times