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Alameda may hire firm in bid to attract tech companies to former base

ALAMEDA — Buildings that once housed U.S. Navy sailors could be transformed into a campus for a technology company under a city proposal.

Known as the Bachelor Enlisted Quarters (BEQ), the buildings are on 21 acres and have been mostly vacant since the Alameda Naval Air Station closed more than 20 years ago. Efforts to use them for civilian housing have long stalled.

Now city officials are hoping the buildings, which also have been routinely vandalized, can be turned into places where a tech company may want to locate, especially since the large aircraft hangars at the former base are already leased.

Read more from East Bay Times

Oakland rent control loophole temporarily closed

OAKLAND — For the next six months, Oakland landlords won’t be able to raise rents on properties under rent control after making repairs to them.

Oakland and San Francisco are the only two cities in the state which have “substantial rehabilitation exemptions” to rent stabilization ordinances, according to the report supporting the moratorium proposed by City Council members Dan Kalb and Rebecca Kaplan. Council members voted Tuesday to impose the moratorium on granting the exemptions.

Read more from East Bay Times

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

 

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

 

Wine Country inferno forces wine lovers into East Bay, South Bay, other regions

The deadly wine country inferno has diverted tourists, groups and wedding parties to wine regions in the East Bay, South Bay and elsewhere.

“It’s been pretty crazy,” said Cindy Turchino, tasting room manager and hospitality manager with The Steven Kent Winery in Livermore. “This week we got three times as many people that we would normally see on a weekday. I would say 80 percent of those people are coming either from Napa Valley or the Sonoma area.”

The raging wildfires in the North Bay have scorched wineries, displaced residents and businesses and packed hotels in Napa County and Sonoma County with refugees from the catastrophe.

Read more from The Mercury News

Hayward council rejects housing, retail project

HAYWARD — The fate of a dilapidated South Hayward strip mall is unclear after the City Council rejected plans to replace it with housing and retail.

The council unanimously turned down the proposal Oct. 3, citing parking concerns as well as a lack of affordable housing units, green building features and open space as reasons.

Read more from East Bay Times

NAI Northern California Represents $13M Sale of Aloha Apartments in Hayward

HAYWARD, 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 $13,175,000 sale of the Aloha Apartments in Hayward, CA.

NAI Northern California’s Vice President Shivu Srinivasan and Investment Advisor Robert Dau represented both the buyer and seller in this transaction. According to Mr. Dau, “Through the combined efforts of the sophisticated approach of the buyer and Shivu Srinivasan’s deep knowledge of the East Bay market, we were able to bring this deal over the finish line.”

The Aloha Apartments are located at 250 W. Jackson Street. with ease of access to I-880 and I-580 freeways, and Hayward BART station. Shivu and his team were able to navigate around issues like deferred maintenance and below-market rents to negotiate a substantially higher price by demonstrating the value of the property’s amenities and location.

At 47,250 square feet with 70 units, the Aloha Apartments offers tenants valuable amenities including a pool and spacious patios. The property itself is centrally located in Hayward with a great location next to Hayward BART station and various well-known retailers in and around the Jackson Square Shopping Center.

The transaction is representative of the growing trend of real estate investors tapping into parts of the East Bay Area that are often more stable and cheaper to manage and maintain compared to real estate investments in San Francisco and Oakland.

 

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

Visit our News Page here
Download Article PDF here

NAI Northern California Represents 45-Unit, Off-Market Portfolio Sale in Adams Point

OAKLAND, 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 45-unit, off-market
portfolio sale of three separate multifamily properties in the Adams Point neighborhood of Oakland,
California.

NAI Northern California’s Vice President Shivu Srinivasan and Investment Advisor Robert Dau
represented both the buyer and seller in all three transactions including 375 Grand Avenue, 383
Grand Avenue, and 171 Montecito Avenue with each property adding up to an $12,500,000 portfolio. According to Mr. Dau, above market pricing for these off-market transactions was achieved through long-term potential of these pride-of-ownership properties.

Continued spillover of tenants from the San Francisco and rising interest of development adds to the
excitement of the Adams Point neighborhood. The neighborhood offers stable, ideally located assets
with substantial upside. As it turns out, the owners of these properties cashed-out after long-term
ownership of the properties over the past few decades.

Shivu and his team closed the sales of the 45 units, totaling 34,212 square feet, off-market. The prime
Adam’s Point location makes these properties very marketable to potential tenants, with close proximity
to the amenities of Downtown Oakland and the Grand Lake District as well as easy commute access to
the rest of the San Francisco Bay Area.

 

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

Visit our News Page here
Download Article PDF here