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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.

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

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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.

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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.

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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

 

Landlord-tenant relationships are changing, thanks to cryptocurrencies, Airbnb, and more

New challenges facing landlords in 2019.

This could be a great time to be a landlord.

The real-estate market still only has enough supply for half the population. We’re still seeing high divorce rates, so people need more places to live. And households are still being created faster than the housing supply. All that combined means higher rents and that trend looks likely to continue for a long time.

In fact, according to the Mortgage Bankers Association, rising rates on 30-year mortgages — now firmly above 5% and on track to reach 5.8% by the end of the year — will help to drive rents higher in the coming year as more people get priced out of home buying by these higher interest rates. According to an analysis by Zillow, rent growth will pick up in 2019 as the Federal Reserve continues to raise rates.

For landlords, this is all very good news. And, given the evolution that the real-estate market has gone through over the last couple of decades — expanding to include short-term rentals, absentee owners, do-it-yourself property managers and more — the future looks bright for all involved.

Read more at MarketWatch 

 

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

 

 

NAI Northern California Presents the Opportunity to Acquire the Lucca Ravioli Buildings Located on Valencia St.

1100-1118 Valencia St. Portfolio Sale.

 Jordan Geller and JB Williams of NAI Northern California are pleased to present as exclusive advisors, the opportunity to purchase jointly or as a portfolio, the three mixed-use properties located at 1100, 1102-1110 and 1114-1118 Valencia St. The associated business, Lucca Ravioli Co., has been operated from the retail storefront located at Valencia and 22nd Streets by owner Michael Feno for 53 years and has been in business for 94 years. After exploring many possibilities and having reached retirement age with no successor generation to continue the business, he and his family have made the difficult decision to close Lucca Ravioli effective Easter 2019. He would like to thank the many customers for their continued patronage and enthusiasm for the business over the years.The sellers understand that for generations Lucca has been a prominent local business and its absence will be felt by many, including San Francisco’s Italian American Community. They hope that Lucca Ravioli will be remembered fondly and that its location will continue to serve the neighborhood in a productive way.*The image above is a rendering of a potential conversion of two of the street level commercial spaces to a new retail use and is not representative of the current building configuration for the two non-corner buildings.

Contact NAI Northern California Vice President Jordan Geller and Investment Advisor J.B. Williams for more information. 

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.www.nainorcal.com

 

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

 

 

The shopping mall’s savior is starting to eat itself

Restaurants, one of the supposed saviors of regional malls, have been hurt in the past 12 months by too much expansion and a slowdown in consumer spending.

Stephen Wall’s restaurant chain Pho is the kind of tenant that mall landlords would love to attract. The Vietnamese menu is right on trend, the business is expanding and, even better, it has a track record of success in shopping centers.

Yet he thinks that even restaurants like his won’t be the savior of malls suffering from the rise of internet retailing and mobile phone addiction.

As competition from the likes of Amazon.com Inc. and Asos Plc intensified, British mall owners looked to food as a way to stay relevant. People would come to the restaurants to eat, buy some clothes in the shops while there, and the extra spending would allow the landlord to boost the rents. A simple, virtuous circle.

Instead, food and beverage operators have been hurt over the past 12 months by a combination of rapid expansion and a consumer-spending slowdown. An influx of private-equity investment into restaurants led some chains to open too many outlets that aren’t breaking even. Popular names like Gourmet Burger Kitchen, pasta place Carluccio’s and the Jamie Oliver chain — often found at big malls like Westfield and Bluewater around London or Manchester’s Trafford Centre — have been among those suffering. Nationwide, the number of restaurants going insolvent rose 24 percent last year, compared with 2017.

 

 

Read more on National Real Estate Investor

 

 

 

How low-cost chains are changing the retail game

Dollar store chains are among America’s fastest-growing retailers, but their impact on the industry is coming under increased scrutiny.

Nonprofit Institute for Local Self-Reliance reports that dollar stores are more prevalent than Walmart and McDonalds locations combined, and they feed more people than Whole Foods stores. In some urban neighborhoods, low-income and rural areas, dollar stores might be one of the only retail options for residents.

The number of dollar stores in America has grown from 20,000 in 2011 to almost 30,000, per ILSR. With many Americans living paycheck to paycheck, it’s not surprising these small-box stores selling affordable merchandise are thriving.

The ILSR report contends that dollar stores — which lack fresh produce and meat but offer a host of frozen, processed and canned food options — aren’t a symptom of economic distress in some communities, but the cause of it, as they stifle independent grocers and other local retailers.

“To the extent that dollar stores are filling, in some ways, a need in communities, I think that is true in the short term,” Marie Donahue, one of the report’s authors, told Civil Eats. “But really our research is demonstrating…those foods aren’t as good quality as full-service grocers or independent local stores, which may be able to connect to local farmers and the larger food system.”

 

 

Read more on San Francisco Business Times

 

 

Trump is getting involved in Opportunity Zones, and experts think that’s a good thing

Opportunity zones have become the darling of real estate investors since their adoption last year, but the still-under-the-radar program is poised to receive a lot more attention, and possibly scrutiny after it was promoted in the Oval Office last week.

President Donald Trump’s signing of an executive order to push more federal resources into the Opportunity Zone program is a step in the right direction and could bolster the little-known tax incentive program and the distressed communities that benefit from investments, experts said.

“I think investors in the marketplace are going to be excited that there are going to be a number of new federal benefits aligned to these zones,” Develop founder Steve Glickman said.

Glickman is a former Obama administration official and one of the original architects of the Opportunity Zone program, which was enacted as part of the Tax Cuts and Jobs Act of 2017.

“Frankly, these zones need a lot more than private capital,” Glickman said. “They need infrastructure investment, they need to deal with crime, workforce training, and other strategies and dollars. Opportunity zones were always meant to stimulate that kind of holistic activity not just on a federal level, but on a state and local level.”

Erik Marks, a Seattle-based commercial real estate attorney and founder of Opportunity-Funds.com, a website that tracks opportunity zone funds and designated areas, said the executive order still does not address the current shortcomings and problems that are present from people trying to do opportunity zone deals now.

“I think the regulation may be useful, but this is not a problem-solving regulation,” Marks said. “I don’t know what his strategy is, but I think when there are opportunity zone successes, he has a clear opportunity to put himself and his Cabinet at the locations for the photo opportunity. I don’t mean to say that in a derogatory sense … This is to make sure [everyone knows] he’s still part of it.”

For the past year, the at-first unheralded Opportunity Zone program, passed last year as part of Trump’s $1.5 trillion Tax Cuts and Jobs Act, has flown under the mainstream radar.

The program’s goal is to generate economic development in the form of the redevelopment or the development of market-rate housing, affordable housing, new offices, retail buildings and businesses in these communities.

 

 

Read more on Bisnow