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Albertsons Sold 63-Acre Distribution Center to Kaiser Permanente, San Leandro
San Leandro, CA – November 29, 2005 – The listing team of Mark Koenig, Sam Finne, Erin McCaffrey and John Schaefer with Terranomics and Jeff Starkovich and Mark Maguire with NAI BT Commercial brokered the sale of the Albertson’s Distribution Center, a 63-acre site with 10 buildings totaling approximately 780,000 SF located off of I-880 at Marina Boulevard in San Leandro, CA. The distribution facility was developed in phases over the last 50 years and currently houses 3 cold storage facilities. The listing team began the un-priced bid process for the property by submitting it to more than 300 qualified buyers back in May 2005. Registered Buyers were allowed to tour the property and review property documents in an on-site “war room” for a three month due diligence period. These groups also met with various officials with the City of San Leandro to discuss their prospective redevelopment plans for the property. A “call for offers” date was established in mid-September which produced 20 Proposals to Purchase. By the beginning of October, a single buyer was selected, Kaiser Permanente. The smooth process that worked from start to finish resulted in an escrow that officially closed on November 10, 2005; one month earlier than the listing team had originally projected to Albertsons (December).
Kaiser Permanente plans to construct a new hospital that will eventually replace its existing medical facility in Hayward (Hayward Medical Center), which is just two years shy of the half-century mark in age and does not meet current seismic requirements. The proposed hospital facility that is to replace Albertson’s Distribution Center, although not officially approved, is estimated for completion in 2012. In the meantime, Albertson’s will lease back two-thirds of the property from Kaiser for 10 months with one 2-month option to renew, which could potentially bring the lease-back term to a total of one year.
Lion Supermarket Inked 36,384 SF at Gould Shopping Center, San Jose
San Jose, CA – November 29, 2005 – Todd Oliver with Terranomics and Larry Blickman with NAI BT Commercial represented the Mink Group (owner) in the lease of 36,384 square feet at the Gould Shopping Center located along E. Capitol Expressway in San Jose, CA. The lessee was Lion Supermarket, who signed the lease agreement for a term of 15 years. Lion’s leased the space formerly occupied by Albertson’s. The entire center is scheduled for a remodel and future leasing will be focused to the Asian clientele that surrounds the center and shops Lion’s Supermarket.
Washington Mutual Makes Deposit at San Jose MarketCenter
San Jose, CA – November 29, 2005 – Matt Kircher and Todd Oliver with Terranomics represented Cousins Properties, Inc. in the lease of 4,934 square feet within the new San Jose MarketCenter, located at Coleman Ave. and Taylor St. in San Jose, CA. The tenant was Washington Mutual Bank.
Massage Envy Comes to Marketplace at Metro Center, Foster City
Foster City, CA – November 29, 2005 –Todd Oliver, Matt Taylor and Mike Costa represented landlord Equity Office Properties in the lease of 3,234 square feet of retail space within the Marketplace at Metro Center, located at 983 E. Hillsdale Blvd, Foster City, CA. The tenant, Massage Envy, a national chain, was represented by Bryan Courson with NAI BT Commercial.
Crossroads Regional Center Adds Mexican Restaurant, Tanning Salon and Smoothie Shop, Riverbank
Riverbank, CA – November 29, 2005 – Matt Kircher, Carmen Decker and James Chung with Terranomics brokered three new lease transactions within the Crossroads Regional Center at the northeast corner of Oakdale & Claribel in Riverbank, CA. The trio of Kircher, Decker and Chung represented Browman Development Co. (owner) in all transactions. The three newest tenants included: La Parilla Mexican Restaurant (2,900 square feet), Planet Beach Tanning (1,680 square feet), and Juice It Up (1,184 square feet). Terranomics Retail Services has now closed 10 transactions at the Crossroads Regional Center in 2005. \
Site for Sore Eyes Looks to Petaluma for Newest Location
Petaluma, CA – November 29, 2005 –Jessica Perry and Drew Greenspan with Terranomics represented Site for Sore Eyes (tenant) in the lease of 1,712 square feet within the Theatre District Retail Center at 149 C St. in Petaluma, CA. The landlord was Basin Street Properties. Site for Sore eyes has been serving northern California since 1979; according to their website, this will be their first location in Petaluma.
Starbucks Attracted to Mountain View’s Rich Aroma
Mountain View, CA – November 29, 2005 – Staci Eisler with Terranomics represented Starbucks (tenant) in the lease of 1,500 square feet of end-cap space within Charleston Plaza in Mountain View, CA. The landlord was Dollinger Properties. Starbucks will take occupancy in April 2006 for a term of 10 years. According to their website, this will be the coffee giant’s sixth Mountain View location.
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