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Exclusive: East Bay shopping center lands new grocery tenant to anchor redevelopment strategy

The new owners of the regional mall have mapped out a multi-phased plan to redevelop the East Bay property into a shopping and entertainment geared toward the region’s strong Asian demographic.

LBG Funds has finalized a 35,000-square-foot lease with Taiwanese grocer 99 Ranch Market to anchor the first of four phases that the Los-Angeles-based investor is planning for the once-struggling Richmond property.

Rebranded as the Shops at Hilltop, the first phase will also include leases for 55,000 square feet of restaurant space; new tenants for a 20,000-square-foot food hall and 12,000-square-foot food court; as well as a variety of incoming shops, entertainment and pop-up uses.

LBG is estimating work on the first retail phase will be completed in mid-2019.

 

 

Read more from San Francisco Business Times

 

 

 

Oakland, A’s begin Coliseum ballpark negotiations

The Oakland A’s now have the blessing to study both the Coliseum and Howard Terminal in their quest to build a new ballpark in Oakland.

The Oakland City Council on Tuesday night approved an “exclusive negotiating agreement” with the A’s, allowing the two to begin talks about constructing a ballpark at the Coliseum, the MLB team’s home for 50 years.

In vote taken just before midnight, the council entered into an agreement to negotiate with the A’s over the next nine months, while President Dave Kaval studies if the 112-acre East Oakland site is the right fit. The city can extend the negotiations for an additional three months.

“This decision about a new privately-financed ballpark is a really important moment not only for the A’s but our community,” Kaval told council. “We look forward to working together not only this year but for many years to come.”

Last month, the A’s and the Port of Oakland agreed to study Howard Terminal, located near Jack London Square and the estuary. Kaval has called the study of two sites “parallel paths” to keep the team in Oakland.

Though an aging complex, the Coliseum has had some bites from developers lately. Walnut Creek developer Mark Hall approached the city to build a 15,000-18,000 seat soccer stadium for a United Soccer League franchise. The city said another person proposed to build a corporate campus at the Coliseum.

While Howard Terminal needs environmental review and has access issues, an environmental review for the Coliseum is already completed. It’s also favored for its proximity to BART, Interstate 880 and the Oakland International Airport.

 

 

Read more from East Bay Times

 

 

Shivu Srinivasan of NAI Northern California named a Top 10 NAI Global Top Producer

Bay Area multifamily investment property top producer ranks among NAI Global’s top sales leaders internationally

SAN FRANCISCO, CA – May 15, 2018 – NAI Global, a leading global commercial real estate brokerage firm, recently announced that Shivu Srinivasan, Senior Vice President, NAI Northern California was recognized in its annual recognition program as a top producer for the organization. The award honors individuals who are handling the highest volume of multi-market business within NAI. The awards will be presented at the 2018 NAI Global Convention in Austin, Texas this September.

“This award represents outstanding performance within the organization,” said Jay Olshonsky, President, NAI Global. “We are proud of Shivu Srinivasan’s success, and the dedication and commitment to service excellence he has shown. It underscores the power of NAI Global in building business and showcases the deep local roots and professionalism of our professionals.”

Shivu Srinivasan is a Vice President at NAI Northern California, specializing in multifamily investment properties and portfolios in the East Bay market.

In 2016, just his second year in brokerage, Shivu was ranked as NAI Northern California’s number one producing broker. With a total sales volume of $38 million, he was also ranked by CoStar as third in the East Bay market as well as third in number of total transactions at 14.

In 2017, just his third year in brokerage, Shivu was again ranked as NAI Northern California’s number one producing broker. With a total sales volume of ~$90 million, he was the number one producing non-institutional broker in Alameda County. His marquee sales of the year included an 88 unit transaction in Fremont for $26.5 million,  a 70 unit transaction he listed in Hayward for $13.2 million, and a high profile portfolio sale in Oakland’s Lake Merritt district, which included three buildings for $13 million.

“Shivu came to NAI Northern California a few years ago with a talented sales background and quickly transformed that into a successful commercial real estate sales machine within our organization,” remarks James Kilpatrick, President and Founder.

On Shivu’s contributions to propelling NAI Northern California forward, James remarks, “Within his first full year he was already in our top 10 agents and dialed his way to the Top Caller of the Year Award. Now Shivu heads up a powerhouse team of agents who dominate East Bay multifamily real estate sales.”

About NAI Northern California
NAI Northern California is a full service commercial real estate firm serving the Northern California Bay Area. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property.  Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.

To learn more, visit www.naiglobal.com and www.naiglobalnewslink.com

 

 

Oakland’s exclusive deal to sell city-owned land to charter school draws opposition

The City of Oakland is poised to sell a large plot of land it owns in the Fruitvale neighborhood to a private developer for the purpose of building a new charter school campus.

But the project — and the city’s years-long involvement in it — is suddenly drawing criticism from education and affordable housing activists who say it reflects Oakland’s lack of transparency when deciding how to use public property.

Under the proposed terms of the deal, the city will sell a 9,000-square-foot parcel on Derby Avenue between International Boulevard and E. 15th Street for $450,000. The buyer, an Idaho-based company called Pacific West Communities, Inc. plans to construct a new school campus on the site for the Aspire charter organization’s ERES Academy, a K-8th grade school. The campus was approved by the city planning commission last month.

ERES Academy’s staff say the new facility is critical because the building they’re currently in — located one mile away on Courtland Avenue and leased from a church — is too small.

“The physical nature of the classrooms is super-constrained,” Aspire’s Dean of Students Jesse Johnson told the city planning commission last month. “The children are bumping into each other. It’s crammed.”

ERES Academy currently has 217 students, according to state records, but Aspire, which operates 40 charter schools in California and Tennessee, hopes to grow. The proposed new school campus could accommodate more than 600 students.

City staff say the land deal will put the property, which used to be part of an auto dealership, back into productive use, and that new charter school is in the public’s interest. They also say the city is coming out financially ahead by selling the land.

 

Read more from East Bay Express

 

 

Builders, Developers Focus On Ways To Save Costs, Build More Housing Units In Oakland, Bay Area

With rising construction costs, a costly entitlement process and labor shortages, Bay Area developers are looking into new ways to build housing more cost-effectively.

Developers are utilizing density bonuses, adding more efficiencies into construction, exploring modular units and prefab and experimenting with new techniques to keep costs down and get more projects off the ground.

Even though there are 17,000 units at different planning stages in Oakland, many of these units rent in the $3K to $4K range, which is not affordable for a majority of people in the Bay Area, oWow founder Danny Haber said during Bisnow’s Alameda County Multifamily and Mixed-Use event in Oakland.

His company’s focus has been on creating macro-units with efficient design that lead to three- and four-bedroom units that are more cost-effective to build and end up being 50% more affordable than their market-rate counterparts.

“The biggest amenity today … is affordable housing and access to jobs and opportunities to work,” Haber said.

Read more from Bisnow

 

 

San Francisco’s largest office landlord to break ground on $265 million Oakland tower

Boston Properties, San Francisco’s largest office landlord, will break ground on May 2 on a 402-unit apartment tower next to Oakland’s MacArthur BART station.

The 260-foot project at 532 39th St. will be the tallest building in North Oakland and the company’s first residential project on the West Coast.

The project in the Temescal district will be among a half-dozen Oakland towers to start construction in the last two years, an unprecedented real estate boom that’s drawing some of the country’s biggest developers to the city. Other developers include Lennar Multifamily Communities, Shorenstein Properties and Carmel Partners.

Read more from San Francisco Business Times

 

 

Oakland parking garage next to City Hall could join development wave

More Oakland parking is being studied for new development.

A closed garage next to Oakland City hall could join the development wave that’s transformed over a thousand parking spaces into new buildings.

Oakland city staff are studying the demolition of the 335-space public parking structure at 1414 Clay St. and construction of either a new hotel or office building. The garage closed in December 2016 due to seismic safety concerns.

A city report recommends that Oakland seek an office project on the site because it’s more financially viable than a hotel. It also recommends requiring 51 parking spaces rather than 273 spaces, which would replace some of the previously used parking but could threaten the financial viability of a new project.

The stance is consistent with Oakland’s efforts to cut parking in new downtown projects and promote the use of public transit, “rather than continuing to subsidize the cost of private vehicle ownership and use,” according to the report.

Patrick Lane, the city’s manager of public/private development, said there isn’t a schedule for seeking developers for the site and it would likely happen after the city updates its public lands policy. The City Council may require higher fees and on-site affordable housing in new projects on public land, as activists push for more funding for low-income residents.

The city is also seeking development of two other public sites at 1911 Telegraph Ave. and 1800 San Pablo Ave, which could also be subject to the public lands policy.

Read more from San Francisco Business Times

 

 

Housing for North Berkeley BART?

BART and city leaders recently took the first steps toward a mixed-use housing development on the station’s parking lots, but there’s still a long road ahead.

In its early days, BART bulldozed houses to build massive parking lots for commuters to San Francisco, devastating several low-income communities in the East Bay. But then in the mid-1990s, the transit agency started a shift toward building housing, office, and retail around its stations instead. And during the past 15 years or so, the agency has been planning developments at most of its stations with surface parking lots — including projects at Ashby station in Berkeley and at most of its above-ground Oakland stations.

But the stations surrounding some of BART’s most desirable real estate have been excluded from development planning so far. For example, despite high home prices around the Rockridge BART station in North Oakland and the fact that it’s only a 20-minute ride to downtown San Francisco, BART has produced no development plans for the area to date.

For North Berkeley, a 25-minute ride from San Francisco, BART has at least considered building on the land. An overview of BART’s transit-oriented development strategy provided to this reporter last year included a map of existing, planned, and future development. North Berkeley was listed as a site for potential future development with 100-percent affordable housing, but BART had no more specific plans than that.

Read more from East Bay Express

 

 

Oakland creates new policy director position to deal with housing crisis

Mayor Libby Schaaf has named Darin Ranelletti as the city’s first policy director for housing security, a position the mayor created and hopes will help ease Oakland’s affordable housing crisis.

Ranelletti is no stranger around City Hall: He has spent the past 15 years in the planning and building department, most recently as the interim director. In his new policy role, Ranelletti is expected to promote new housing available to all income levels and work to protect longtime residents from being pushed out of Oakland’s market.

“This new position gives the Mayor’s Office the resources needed to address the housing crisis effectively and with urgency,” Schaaf said in a statement Thursday. “Darin’s 360-degree perspective begins with his work in the City’s Planning & Building Department to increase Oakland’s housing production at a record pace this year, as well as his recent efforts to protect tenants and safeguard our city’s affordable housing stock. He also has a deep passion and commitment to equity.”

Read more at East Bay Times

New Oakland law could prevent cannabis companies from evicting tenants

The Oakland City Council will hold a special meeting on Thursday to discuss new legislation that, if passed, could prevent cannabis companies who own real estate from displacing existing tenants.

The proposed amendments to the city’s cannabis ordinances, Oakland Municipal Code Chapters 5.80 and 5.81, prohibit the issuance of any approvals for cannabis businesses seeking to operate in spaces currently occupied by work-live or residential uses.

Oakland council member Rebecca Kaplan, the co-author of the proposed legislation, says the amendments balance the city’s support of the cannabis industry with protections for work-live spaces, thus supporting a diverse industrial sector in Oakland.

Read more from KQED