CoStar Market Insights: San Francisco/East Bay Ranks Top for Meeting Amazon’s HQ2 Search Requirements

The San Francisco-Oakland-East Bay metro area came out on top in a ranking of more than 50 major U.S. metros that fit Amazon’s requirements and preferences for locating a second national headquarters. 

An interesting possibility could be the Oakland Coliseum Complex. All three of the professional teams currently using the facility have plans to leave within the next few years leaving the 130-acre property with no set future.

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Why This Cycle Is Different For Oakland Multifamily

Developing in Oakland is a point of pride for St. Regis Properties Director of Development Sam Remcho. While the Oakland native started his career as a broker, he always wanted to develop and loved the idea of working with land and construction. He teamed up with St. Regis Properties Chairman John Allen and President Nick Allen in 2012. The family-owned Bay Area-based business has since made strides to build more housing in Oakland and throughout the country.

“We like Oakland because of the people, the open space, the ease of transportation, the great weather, the employment opportunities and the overall quality of life,” Remcho said.

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NAI Northern California Represents $3.3M Sale of 18-Unit Multifamily Property in Oakland

OAKLAND, CA – July 5, 2017– 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 $3.3 million sale of a Highland Terrace sub-market multifamily property.

Principal of NAI Northern California, Grant Chappell, facilitated the off-market transaction for both the buyer and seller. “I worked closely with the seller to deliver a 1031 buyer at a price that nearly set a per/unit record for studio and one-bedroom units in that sub-market,” said Mr. Chappell.

He further explained, “The buyer saw potential to further improve rents given the proximity to Highland Hospital’s recently completed expansion. It was a win-win for both parties. We were able to close in just over 90 days to accommodate 1031 timelines for the buyer and seller.”

Sold at a low 5.15 CAP, the 12,079 square foot property traded at $275.52 price per square foot. The property is 100% occupied which leaves the buyer in an optimal position to capitalize on rents in this prominent area of Oakland.

Located at 2912 14th Avenue directly across from Highland Hospital, the 18-unit multifamily property is minutes from I-580, a senior living facility, and numerous educational organizations. Additionally, the property is just walking distance from the Central Reservoir, the picturesque Sausal Creek and other recreational landmarks.

About NAI Global
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

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NAI Northern California Represents Seller and Buyer in $13.6M Transaction of Newark Square Shopping Center

Newark, CA – June 29, 2017- 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 $13.6 million sale of a neighborhood center, Newark Square Shopping Center.

Vice President, Mary Alam and Investment Advisor, Joshua Ballesteros represented both Buyer and Seller in this off-market transaction.

“With 26 tenants and approximately 40 years of operating history, we are pleased to have helped our Buyer and Seller in evaluating, managing, and communicating the large amount of data associated with this property,” said Alam who, with her partner, Joshua Ballesteros, managed this transaction over a long and often challenging eight-month escrow. “We are thrilled to have closed this sale to everyone’s satisfaction,” she added.

Newark Square includes six buildings spread over three separate parcels with a total lot size of approximately 5.1 acres. The center which was constructed in 1960, hosts a number of long-term, stable tenants with below-market rents and NNN leases, and offers ample parking and prominent signage. Tenants at the property include well-known franchises such as Subway, Round Table Pizza, Taco Bell, Carl’s Jr., and Check Center. The latter three tenants occupy their own separate retail pads.

“The property is a neighborhood center with services that cater to the daily needs of the local population. With the projected continued growth of the Fremont-Newark corridor, it is expected that demand for these services will increase as the area draws more residents to its relatively affordable housing and its easily accessible location,” said Alam.

Located on 5510-5650 Thornton Avenue in Newark, CA, Newark Square is a 50,047 square foot neighborhood shopping center located less than one mile away from the I-880 Nimitz Freeway and the intersection of Thornton and Cedar with an average daily traffic volume of 21,548 visitors. The area boasts a population count in excess of 160,000 people within a three-mile radius and a healthy average household income of $115,000.

About NAI Global
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

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NAI Northern California Represents $1.75M Sale of Multifamily in Oakland’s Jingletown District

OAKLAND, CA – June 12, 2017– 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 $1.75 million sale of a multifamily property in the Jingletown district.

NAI’s Principal, Grant Chappell and Investment Advisor, Joanna Larson were able to secure an all-cash buyer in this off-market deal to navigate and close a complicated transaction.

Mr. Chappell expressed the various obstacles and advantages in the transaction. “The asset needed upgrades to several components of the property with several moving parts. At $97 per square foot, the purchase offered tremendous intrinsic value to the buyer and long-term rental upside in the dramatically improving Fruitvale sub-market. With a close of less than 45 days, the buyer and seller were both pleased with the outcome.”

At 18,560 square feet and three stories tall, this 13-unit apartment complex is valued at $136,538 per unit. With Jingletown becoming one of Oakland’s fastest growing Art & Business communities, this commercial real estate acquisition represents a perfect opportunity for tapping into a newly bustling region of Oakland.

The multifamily property is located at 1218 Miller Avenue with ease of access to I-880 and I-580 freeways, and Fruitvale BART station. Although built in 1922, the property was upgraded with new kitchens, bathrooms and flooring while promising a significant upside in rents for the buyer.

About NAI Global
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

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NAI Northern California Represents $4.18M Sale of CVS Pharmacy in Sacramento

SACRAMENTO, CA – May 31, 2017- 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 $4.18 million sale of a CVS retail property in Sacramento.

Vice President, Mary Alam and Investment Advisor, David Olsen, represented both the seller and buyer in the absolute triple net transaction with a three-year lease term.

Located in the dense, high traffic Natomas area of Sacramento on 1587 W El Camino Avenue, the transaction of the 23,000 square foot CVS property reveals a profitable opportunity to the new buyer given that it is the only corporate drugstore within a three-mile radius.

Ms. Alam explained, “This transaction presented many challenges due to the ownership structure and zero cash flow terms. We are pleased to have been able to leverage our extensive experience to close this deal to meet our clients’ goals and expectations.”

“Despite the challenges of this deal, we were able to achieve the best results for all parties, which is always our goal,” Mr. Olsen added. “Additionally, this represents NAI Northern California’s fourth NNN transaction in the Sacramento MSA in recent months, increasing our dominance in the Northern California retail market.”

Although a zero cash-flow deal, it is anticipated that the buyer may realize positive cash flow by year five assuming the absence of loan fees. The tenant has made major improvements to the property in the last five years and holds a steady track record of raking in strong store sales.

Some of the retailers’ nearby tenants include a variety of restaurants and cafés, banks and neighboring business parks of the Stone Creek Center between Highways I-5 and I-80.

About NAI Global
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

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NAI Northern California Represents $3.68M Sale of 12-Unit Multifamily Property

OAKLAND, CA – May 24, 2017– 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 $3.68 million sale of a multifamily property in Adam’s Point.

Vice President, Shivu Srinivasan and Investment Advisor, Robert Dau, represented the seller in the transaction process that attracted multiple offers.“With six offers over the asking price, we delivered $185K over list price, and went well beyond the seller’s wildest pricing expectations. This property is a true gem and just walking distance from Lake Merritt.”

The 9,560 square foot multifamily property built in 1975 features 12 one-bedroom, one-bathroom units with ample parking and an overall high potential for an optimal rental upside. With an estimated $385.50 price per square foot, each unit is valued at roughly $307,000.

Located at 394 Orange Street, this multifamily property resides in a quaint region of the East Bay Area, close to Downtown Oakland, Lake Merritt, 19th Street BART station, and offers numerous choices for dining, shopping and entertainment.

About NAI Global
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

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

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Fall Volunteer Event: Habitat Restoration in the Presidio


Thank you to everyone who participated in yet another successful NAI event, our Fall Volunteer Day: Habitat Restoration in the Presidio on Friday, November 7th! We had an incredible turnout, and it was a great opportunity to not only bond as a company, but also to give back to our San Francisco community. We helped enhance rare native plant habitats and maintain important wildlife corridors in the Presidio, which is home to 20 rare plant species, including five protected by the Endangered Species Act. Participating in habitat restoration by removing invasive species and re-vegetating with native plants is the most proactive way to help conserve this landscape.
Click here to see more photos from the event!

The Golden Gate Nation Parks Conservancy is a community-supported nonprofit organization dedicated to transforming places—and people—through conservation and improvement of the Golden Gate National Parks. Their mission is to preserve these remarkable national parks, enhance the park visitor experience, and build a community dedicated to conserving the parks for the future.

Please visit www.parksconservancy.org to find out how you can help.

Who Let the Dogs Out?

One of the secrets to success for legendary real estate agent Grant Chappell? The cute factor.
Here he is with Dixon, his Borador puppy, demonstrating his sales technique:

 

Grant Chappell is the Senior Vice President of NAI Northern California and specializes in East Bay multifamily properties.

Is Oakland the Next Tech Paradise?

When Bisnow reported earlier this week that Moody’s was potentially relocating from San Francisco to Oakland, it didn’t, on its surface, seem like much of a shock. Over the last few months, more and more companies seem to be making their way across the Bay, lured by the promise of cheaper rents. It’s easy to predict a mass exodus of techies and related businesses to Oakland, but the truth is slightly more complicated. What is really going on in Oakland?

1. Branding problems

Oakland has plenty to offer, but one thing it doesn’t have is a shiny name, and for that reason the concept of a mass exodus to Oakland is overblown. While space is plentiful and relatively cheap, the reality is that tech stalwarts like LinkedIn and Salesforce are never going to make the move across the Bay because it would not be great for their brands. Right now, at the center of the tech industry, San Francisco is the coolest place in the country. For this reason, companies like Google have opened satellite offices there. Oakland, for all its benefits, simply does not have that same gravitational pull needed for recruiting.

2. Lots of industrial space

As we’ve said before, Oakland is home to a large stock of outdated industrial buildings. While this might not necessarily mean much to companies like Twitter, it’s great for those that produce physical objects. We’re seeing an uptick of interest from robotics and drone companies that require a light industrial component. There’s precious little space available in San Francisco right now, and virtually none of which provides adequate room for R&D and light manufacturing. Oakland is the perfect solution, with its wealth of empty industrial buildings and easy access to San Francisco via BART. These companies are still taking some office space in San Francisco, primarily to address the branding issue outlined above. They are keeping one toe in the city and a foot across the Bay.

3. It is cheap

There’s no question that Oakland is less expensive, and not by a little. Companies are paying half as much in Oakland as they are in San Francisco, which is shocking considering it’s only a 9-minute BART ride away from downtown SF. Average office rent in downtown SF is close to $45 a square foot, compared to $22 in Oakland. It makes sense that scrappy start-ups who are less concerned about where an established tech company “ought” to be would seek out a value space in the East Bay.