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Uber Might Make More Money This Year Selling Real Estate in Oakland Than Actually Selling Rides

Uber looks like it’s on track to make more money selling a building it owns in Oakland, California, than it has selling rides over the last 10 months. In 2015, Uber bought the old Sears building in downtown Oakland with the intention of moving 3,000 of its employees to an expanded headquarters in the smaller, less–filthy-rich city just across the Bay from San Francisco, which the company currently calls home.

That never happened. And now Uber is selling its 380,000-square foot building to the CIM Group, a Los Angeles–based real estate investment firm, for $220 million, according to a report from the Registry, a website that covers Bay Area real estate deals. Uber bought the building in 2015 for $123.5 million, but after never moving in as planned, the company announced in August that it was considering putting the building up for sale.

Read more from Slate

CIM Group in contract to buy Uber’s Oakland building

CIM Group is in contract to buy Uber Technologies Inc.’s Oakland building, according to three sources familiar with the property.

CIM, already one of Oakland’s biggest landlords, agreed to pay $175 million for the 380,000-square-foot Uptown Station property, said a source. CIM will have to invest an additional $50 million in construction costs to complete the renovation project, said the source. The deal hasn’t closed, sources said.

Read more from San Francisco Business Times

 

WeWork rents big Mountain View office complex from LinkedIn

WeWork has agreed to sublease from LinkedIn a huge, yet-to-be-built office complex in Mountain View, a deal that is expected to bring a much bigger Amazon presence into Silicon Valley.

“LinkedIn has reassigned its lease at The Village at San Antonio Center, and will not be setting up offices there,” May Chow, a spokeswoman for Mountain View-based LinkedIn, said in comments emailed to this news organization. “WeWork is taking over the lease.”

Read more from The Mercury News

More developers submit residential proposals in El Cerrito

More developers appear to be hungry to cash-in on the demand for apartments and condominiums near public transit on currently underused land in the city.

Three builders have submitted plans for three apartment complexes and an addition to an existing complex, that would add 248 units to the 596 apartments and condominiums that are being proposed or have been already approved.

Read more from East Bay Times

SF and several other Bay Area cities lobby for Amazon headquarters

Thursday was the deadline for cities to submit a potential site to Amazon for its upcoming, Apple UFO-like $5 billion new North American headquarters, a secondary hub that the company says will compare in size and scope to its existing Seattle headquarters.

Naturally, Bay Area cities are clamoring to draw company CEO Jeff Bezos’s eye. In all, nine local cities want to attract Amazon with prime real estate, including a coalition of seven cities, dubbed the Northern Arc, who submitted jointly.

Read more on Curbed SF

 

NAI Northern California celebrates continued growth with 21% revenue increase by third quarter of 2017

The tech-forward, collaborative brokerage continues to emerge as an up-and-comer on the Bay Area commercial real estate scene

SAN FRANCISCO, CA – October 17, 2017–  Continuing to evolve as a growing force in the San Francisco Bay Area commercial real estate landscape, NAI Northern California forges into the third quarter of 2017 with revenue already surging past 2016. As of October, the brokerage has increased gross revenue by 21% over last year. Across retail, multifamily, office, industrial, and land, the total square footage of transactions closed by the team more than tripled.

In regards to NAI Northern California’s growth and the current market, President James Kilpatrick points out, “While the Bay Area has been experiencing an extraordinarily long real estate cycle, this seems to be accelerating further as our number of successful transactions is up by 31%.”

Multifamily investment sales are active as investors focus on residents looking beyond San Francisco to the East Bay. Top producing broker Shivu Srinivasan closed the $28.75 million acquisition of an 88 unit apartment complex at 4445 Stevenson Boulevard in Fremont and the $13 million sale of a 70 unit property at 250 West Jackson in Hayward.

In retail, NAI Northern California is carving out a niche by successfully closing over $100 million in triple net shopping centers and single tenant properties this year.Top producer Mary Alam spearheaded the $13.6 million sale of the Newark Shopping Center and several Walgreens properties among others.

Growing market share is directly impacted by the addition of talent. In 2017, experienced industry professionals Tony Alanis, Kevin Flaherty, Fritz Jacobs, Matt Gorman, Gregg Steele, Reggie Regino, Brent Stiggins, and Darija Walker joined the company’s brokerage and financing groups.

James Kilpatrick remarks, “Our growth is truly predicated on our talented team. We are unique in the commercial real estate industry, empowering our professionals to take a collaborative approach supported by a tech-forward platform that helps them be nimble as they get deals done for our clients.”

About NAI Northern California
NAI Northern California is a progressive, full service commercial real estate firm serving the Bay Area. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, we are committed to delivering best in class services for our clients.

www.nainorcal.com

How California’s State And Local Governments Are Addressing The Affordable Housing Crisis

With the highest cost of housing in the nation, California’s affordable housing crisis is threatening the economic vitality of the state.

The majority of renters, more than 3 million, pay more than 30% of their gross monthly income for housing, and one-third of renters, about 1.5 million, pay more than 50% of their income for a place to live, according to a California Department of Housing and Community Development report.

Read more from Bisnow

Dropbox signs San Francisco’s biggest office lease ever

File hosting company Dropbox Inc. signed the largest office lease in San Francisco history, taking all 736,000 square feet of the Exchange in Mission Bay.

Dropbox’s 15-year lease surpasses Salesforce.com Inc. (NYSE: CRM)’s 2014 deal for 714,000 square feet at Salesforce Tower, previously the city’s largest. It follows recent six-figure leases from tech giants Facebook Inc. (NASDAQ: FB)Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NYSE: GOOG)’s GoogleInc. In the past year, deals from mature tech companies rather than startups have accounted for the bulk of major office deals.

Read more from San Francisco Business Journal

Video: Round Outlines Of Chase Center (a.k.a. Warriors Arena) Take Shape In New Drone Footage

Matt Roberts, the same drone videographer who has been dutifully giving us monthly updates on the new Apple campus for years now, now brings us an early look at the progress over at the new Warriors Arena in Mission Bay, a.k.a. the Chase Center.

The 18,000-seat arena is expected to be complete in two years time, by late 2019.

Read more from SFist

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
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