Netflix Headquarters Building in Los Gatos on the Market for Sale

By Jon Peterson

Menlo Park-based Sand Hill Property Company and Washington, D.C.-based-based The Carlyle Group have placed the new Netflix Headquarters Campus office building in Los Gatos on the market for sale. The sellers of the property have awarded the listing of the property through the Menlo Park and San Francisco offices of JLL. Those involved in the sale are Erik Doyle, Will Connors, Michael Seifer and Rob Hielscher.

Since 2010, less than ten buildings over 100,000 square feet in the San Francisco Bay Area have been sold within three years of being constructed, according to sources that track this information. It’s anticipated that the two buildings will sell for a premium.

“This is a property that we think will attract very strong buyer interest, including some foreign capital sources. It has a lot of attributes that investors are looking for like a very strong location, a brand new property and an asset that is leased to a strong tenant for a long time that will produce sustainable income,” says Doyle, a managing director with JLL in its Menlo Park office.

The lease that the tenant signed is a 10-year triple-net deal. The lease is projected to start in the second or third quarter of this year and run to 2025. Netflix was provided a standard tenant improvement allowance, but is planning to invest significantly more of its own capital in addition to the provided allowance.

Netflix signed its lease in 2013, prior to the start of construction when rates were much lower than they are today. “Whoever buys this will get the additional advantage of buying a below market lease,” said Doyle.

Sand Hill and Carlyle did not respond to phone calls seeking comment for this story. Construction of the property is in the process of being completed. This should be happening in the next 30 to 45 days.


TMG Closes First Venture with Alexandria Real Estate Equities

By Jon Peterson

Two real estate investment firms active in the San Francisco market have closed their first deal together. TMG Partners and Alexandria Real Estate Equities have formed a venture to develop the 135,000 square foot 505 Brannan Street office building in San Francisco.

“This venture came about as a result of Alexandria contacting us. Had they not done so, we would have funded the development of the project with another equity partner,” says Matt Field, chief investment officer with TMG.

Stephen Richardson, chief operating officer and regional market director in San Francisco for Alexandria, did not respond to phone calls seeking comment for this story. The company has its corporate offices based in Pasadena.

Field would not comment on the development cost or what they paid to acquire the site for 505 Brannan. According to industry sources, a typical cost to develop office space in San Francisco now is somewhere in the range of $800 per square foot.

TMG has owned the site for 505 Brannan for about one month, when it purchased the site from the Bank of America. The project is going through the design review process at this time. “We are not sure as to when we will be starting the project. We are thinking that the total time from start to finish would be somewhere in the range of 24 months,” said Field.

TMG is uncertain if the project will be started on a speculative basis. This will depend on the tenant interest it receives between now and when the project is started. TMG has not made a decision yet as to what company it will hire to oversee the leasing efforts on the project. One significant aspect of this development is that it received a Prom M office allocation at the end of last year.

TMG remains upbeat about the San Francisco office market. “Our belief is that the market is still very attractive with strong demand from tenants that are looking for new space,” said Field.

505 Brannan is located within the SoMa West sub-market in San Francisco. This part of the office market in San Francisco tightened up during the first quarter of this year.

According to data from the San Francisco office of Colliers International, the vacancy in the first quarter dropped from 5.3 percent to 4.1 percent. The sub-market has in it 41 buildings amounting to 3.5 million square feet.


Hines Acquires North San Jose Asset for $86MM

Posted on May 14, 2015 by publisher in CommercialFinanceHot LotINDUSTRY news

2851 Junction Avenue in San Jose

Another North San Jose transaction just created a new ceiling for office sales in Silicon Valley. San Francisco-based TMG Partners and Boston-based Alcion Ventures sold the roughly 155,000 square foot office building located at 2851 Junction Ave. in San Jose for a reported $86 million, or $553 per square foot. The property was sold to Hines, which is an active player in Bay Area real estate.

The deal comes after TMG and Alcion purchased the property for nearly $42 million at the end of 2012 in a scenario that seems reminiscent of other TMG-led deals in the Bay Area—the companies invested in renovating the building, leasing it up and selling it for a healthy profit.

TMG and Alcion have had a history of working together in the Bay Area. The two firms made several deals together in 2012, paying $16.2 million, or $145 a square foot, all cash for the 111,300-square-foot property located at 3055 Orchard Drive also in North San Jose. The buyers had planned to spend an additional $2 million to $3 million investment to renovate and reposition the property.

TMG and Alcion had also acquired The Hamm’s Building at 1550 Bryant St. in San Francisco that same year for $37 million, or $201 a square foot. They planned a $15 million upgrade of the former brewery, which has a singular 12-story tower and is also situated in the wildly popular South of Market district. This building was sold the following year for an undisclosed sum.

In December of 2012 the firms also went into a partnership to acquire a two-story, 80,878-squarefoot office building at 3003 Bunker Hill Lane in Santa Clara.

North San Jose has been at the epicenter of recent transactions in Silicon Valley. Earlier this week, South Bay Development confirmed the sale of the 146,000 square foot building located at 3011 N. First Street in San Jose to Menlo Park-based Sand Hill Property Company. The price for the building was $31 million or nearly $212. The cap rate on this transaction was approximately 7.5 percent. This return is based on the current rent in the property.

South Bay Development still feels very confident about this geography and is putting money where its proverbial mouth is with a nearly 600,000 square foot spec development the company is developing on a 28.5-acre lot at the intersection of Highway 237 at First Street. Official ground breaking occurred this Wednesday.


Menlo Equities Expanding Santa Clara Office Campus

By Nancy Amdur

Palo Alto-based Menlo Equities plans to start construction in the next two months on a six-story build-to-suit office property for Aruba Networks, Inc. at its office campus in the 3300 block of Scott Boulevard in Santa Clara.

Sunnyvale-based Aruba, a computer networking vendor, recently confirmed plans to be acquired by Hewlett-Packard Co. and finalized a lease for about 240,000 square feet at the Scott Boulevard campus. The company will take one floor of an existing building at 3315 Scott Blvd. and five of six stories, or about 200,000 square feet, at the to-be-built property at 3335 Scott Blvd., said Henry Bullock founder and chairman of Menlo Equities.

Menlo Equities also is seeking city approval to build to the site’s maximum approved square footage. The campus is entitled for 735,000 square feet and the city’s General Plan allows it to go up to 1.3 million square feet of Class A office space, said Kevin Riley, Santa Clara’s director of planning and inspection. Buildings at the site could reach a maximum of 12 stories. The city is reviewing the company’s application and tentative parcel map.

The company wants to maximize what it can build on the property as neighboring towns of Mountain View, Cupertino and Sunnyvale have little vacancy. There is strong demand for new high-quality office space in the area—especially among companies competing for talent, Bullock said, because office space and amenities can give companies a competitive edge.

“We see the demand for our project going up pretty dramatically since there’s very little space in any of the markets immediately north of us,” he said.

Once its plans for the land is complete, Menlo Equities will decide its next step for the property. Options include doing spec construction, selling the property with the higher FAR or possibly working on another build-to-suit project, Bullock said.

Bullock also noted that growth in Santa Clara is a benefit to the Scott Boulevard campus. For instance, the Newport Beach, Calif.-based Irvine Co. is building its mixed-use Santa Clara Square project nearby at Highway 101 and Bowers Avenue. Global networking company Ericsson leased 410,000 square feet at the property.

“That [lease] just helps us with our Santa Clara campus because it makes the location that much more prominent,” Bullock said.

Also, Irvine is bringing a 125,000-square-foot shopping center and a Whole Foods Market to the neighborhood.

“It’s a big plus for tenants that are going into our complex,” Bullock said. “[Irvine] is putting in retail amenities and making that location more vital.”

Menlo Equities, in a joint venture with Beacon Capital Partners, bought the 30-acre property on Scott Boulevard in 2011 and in its first phase of development built three four-story buildings comprising 460,000 square feet. The campus is now about 95 percent leased with tenants also including technology companies Hitachi, Ltd., Akamai Technologies, Inc. and Lenovo Group Ltd. Another tech firm is expected to ink a lease for 65,000 square feet in the next couple months, Bullock said.

Menlo Equities follows a strategy of acquiring, developing and operating office, industrial and research and development properties geared toward tech companies in Western markets including Silicon Valley, Orange County, San Diego, Seattle, Portland and Phoenix.



Marriott City Center in Oakland Sells for $84MM

By Jon Peterson

San Jose-based DiNapoli Capital Partners and New York-based Apollo has paid $84 million to acquire the 489-room Marriott City Center hotel in downtown Oakland, according to several sources that track hotel sales.

Heather Turner, a managing director for DiNapoli in its El Segundo regional office, did not respond to phone calls seeking comment for this story. A company official stated that she worked on the transaction for the firm.

This trade is one of the biggest hotel asset trades in Oakland in recent times. “This deal represents the first major hotel property in Oakland to be sold in some time. I think it reflects that investors are taking a fresh look at the city based on its improving lodging market and also because it’s been difficult to acquire assets in San Francisco,” says Mark McDermott, senior vice president of CBRE Hotels in its San Francisco office.

The deal also points to a significant difference in the price points for hotel sales in the two markets. The sale of the property in Oakland comes in at $171,000 per room. Many of the hotel sales in San Francisco over the past couple of years have been at $500,000 per room or higher. There is a deal pending for the 158-room Mandarin Oriental San Francisco hotel that would create a new record price of around $1 million per room. New York-based Loews Hotels & Resorts is the buyer.

There also is a difference in the two markets from an occupancy standpoint. “The hotel market in Oakland is performing well, but not quite as strongly as the San Francisco market. According to our PKF Consulting division, 2014 vacancy for hotels in Oakland/East Bay was 79 percent versus 87 percent in San Francisco,” said McDermott.

The seller of Marriott City Center is Los Angeles-based CIM Group. A company representative did not return phone calls seeking comment for this story. According to a prepared statement by the seller, it had acquired the Oakland property in 2007. It represented the firm’s first asset acquisition in downtown Oakland.

There is a feeling that there is enough activity in the Oakland market that development of new properties might not be too far off. “The hotel market in Oakland for the first time in a long time is attracting enough investor interest where development might be a possibility in the near future,” said McDermott.



Developer will try to cash in on Mid-Market trophy apartments near Twitter

By Cory Weinberg

The real estate developer Crescent Heights is looking to cash in some of its chips on the Mid-Market trophy apartment complex next to Twitter's headquarters. But it isn't selling the complex called Nema entirely, the Business Times has learned.

The developer is working with the brokerage HFF to find an investor to take a minority stake in the 754-unit Nema, according to a source close to Crescent Heights, who declined to be named because he wasn't authorized to speak about the project.

The website Bisnow reported Monday that Crescent Heights' partnership with HFF signaled that the developer was looking for a buyer. The source told the Business Times that Crescent Heights only is looking to sell about 20 percent of the equity in the project.

Crescent Heights didn't have a joint venture partner for the project, so would be looking to get a return on its own equity to use for other projects.

A minority stake would still likely garner big returns for the Miami-based developer. The luxury building – complete with several decks and rooftops, a 7,000-square-foot fitness center and concierge services – is almost fully occupied. The $300 million bet Crescent Heights made on the complex has paid dividends as technology companies like Uber and Twitter popped up around it after construction began.

Nema, which opened in 2013, will soon be joined by major residential towers nearby. Developers such as Build Inc., Emerald Fund and Trumark Urban are building thousands of units nearby, which will add more density to Mid-Market.

Crescent Heights has made some savvy financial moves lately. Earlier this month, Crescent Heights sold the approved development site at 325 Fremont St. for $35 million – six times what it bought the site for.

The developer also paid $58 million last year for a massive 48,000-square-foot site at the intersection of Market Street and Van Ness Avenue, which is now home to a Honda dealership. That site is zoned for residential towers that could hold up to 700 units together – basically allowing Crescent Heights to build another version of Nema on the next block.

Crescent Heights is also under construction on the 220-unit Rincon Hill building called Jasper at 45 Lansing St.


Why are big tech companies moving to San Francisco?


Why are big tech companies moving to San Francisco? 03:02

Story highlights

  • Some of the world's biggest tech firms are moving into San Francisco
  • 14 different companies signed leases for more than 97,000 square feet worth of space and property in 2014
  • Real estate firms say San Francisco has more to offer the employees of tech firms

(CNN)Silicon Valley was once the only place to be for the world's hippest tech firms.

It's the region that gave birth to all-conquering behemoths like Google and Apple, after all.

But fast forward to 2015 and the playground of global technology has moved roughly 60 kilometers (37 miles) north to San Francisco.

"Information is the new currency and that currency is gushing through the streets of San Francisco," said Alan Collenette, regional managing director of real estate firm Colliers International.

According to Collenette, firms like Twitter are relocating to the City by the Bay because it offers a more attractive lifestyle to talented employees.

"If you're in your 20s (or) 30s, you want to live in a vibrant environment where you're surrounded by like-minded people. Where there's a lot of interesting cultural stuff to do," Collenette said.

    "And with the great respect to the suburbs where Apple was born, there's a lot more cultural diversity and a lot more to do (in San Francisco) than there is there.


    Parcels of property

    Last year, commercial real estate in San Francisco was snapped up in large parcels.

    As many as 14 different companies signed leases for more than 9,000 square meters (97,000 square feet) worth of space and property.

    Among those leasing were tech heavyweights like Pinterest and Trulia.

    "Now in 2015, 60% of all leases done in San Francisco are for technology companies," Collenette said.

    "28% of the top space users who occupy more than 250, 000 square feet are technology users. That's up from 8% in the dotcom boom. That's how dramatic the shift's been."

    These cash-rich tech firms are also changing the game by shying away from the offices of yesterday. 

    Beer taps, foosball tables, and bike racks are now the norm at offices in the city.



    Boardroom to warehouse


    Primo Orpilla has seen the change first hand while designing spaces for the likes of crowd-sourced company review platform, Yelp, and taxi app, Uber.

    "The offices of just three or four years ago, they're definitely more hierarchically set up," Orpilla said.

    "You had fewer conference rooms, a lot of the work stations went to the middle. What we're seeing now, we're basically wanting to share that space. Share the light, flatten the organization."

    Orpilla adds that old warehouses with high ceilings in the South of Market District have become particularly popular.

    But demand has driven prices up with rates climbing for both commercial and residential properties.

    In a city that spans just seven by seven square miles space will eventually run out.

    For now though, the outlook is rosy for those riding the tech wave.

    "There has never been a time when the world's economy depended so much on the ideas and the work product that come out of one location," said Collenette.

    "It's the golden age, this is an era that's just beginning and the light isn't just shining on San Francisco for a brief moment in time. I firmly believe this is going to last long into the future."


    Yikes, the Bay Area Leads the Nation in Annual Rent Growth

    by Tracy Elsen

    Rents in the San Francisco metropolitan area grew faster than those in any other major US metropolitan area between January 2014 and January 2015, according to a new report from real estate website Zillow. The San Francisco metro area took the No. 1 spot, with 14.9 percent year-over-year growth even as rents around the country began to soar, with cities like Denver, Kansas City, Nashville, and Birmingham also near the top of the list. Coming in second, however, was another Bay Area city, San Jose, whose metro area saw 13.4 percent year-on-year rent growth. You may recall that Oakland has also been awarded the dubious distinction of the second-highest rent growth in the nation, behind Denver, according to Trulia's measure of rent price increases in the largest rental markets in the US. In this latest Zillow report, Oakland's rising rents were counted alongside San Francisco's, meaning that Bay Area renters are outsuffering Denverites when our combined misery is taken into account.

    The San Francisco metropolitan area includes towns in Marin, Contra Costa, Alameda, and San Mateo counties. Berkeley had the largest change, with a 32.4 percent spike in rents from January 2014 to January 2015. (Though its growth outpaced Oakland's last year, Berkeley's too small a market to have appeared in the aforementioned Trulia report.)

    According to Zillow's numbers, Oakland saw a 21.3 percent increase, while in San Francisco itself rents were up 16.6 percent. The Zillow Rent Index puts San Francisco's median rent at $4,021, while Oakland's is $2,412. Because Zillow's index assesses the rental value of all housing stock, not just the changing makeup of rentals that come on the market from month to month, it can be useful for measuring price changes over time, even if the approach leads to some oddities as you zoom in. For instance, in St. Francis Wood, a neighborhood of freestanding single-family homes that don't exactly pop up on Craigslist seeking roommate shares, Zillow calculated an essentially theoretical median rent of $6,348.

    That said, within San Francisco, Ingleside Terrace saw the biggest jump in rents, with a 33 percent increase in just one year. Westwood Heights and Westwood Park weren't far behind, at 27.5 percent and 27 percent, respectively. Some of the expensive but more established neighborhoods on the north side of the city experienced the lowest rent increases, according to Zillow's metric. The Marina went up just 3.4 percent, while Russian Hill rose only 4.7 percent and Cow Hollow increased 6.3 percent. The Marina is still, however, the third most expensive neighborhood in the city for renters, according to the Zillow Rent Index, with a median rent of $5,948. It's topped only by the Jordan Park area of Laurel Heights at $5,985 and St. Francis Wood's $6,348.

    There is some good news for San Francisco renters. Although rents skyrocketed during the past year, the growth has slowed significantly over the past quarter, with only a 1.3 percent uptick in prices. Many neighborhoods were flat or even decreased slightly. Has the astronomical growth stopped, or are we currently getting just a temporary reprieve?


    Equity One Plans Serramonte Center Redevelopment as High as $100MM

    By Jon Peterson

    North Miami Beach, Fla.-based Equity One is planning a redevelopment of the Serramonte Center retail project in Daly City that is likely to cost between $80 million and $100 million, according to the company’s 2014 fourth quarter results conference call.

    “We are now scheduled to be in front of the Daly City Council this summer for our project entitlements,” says David Lukes, chief executive officer for Equity One during the conference call.

    The city of Daly City is expecting something to happen a little sooner. “There is going to be a preliminary planning review of the redevelopment project on March 3rd. There will be a few more meetings after this including an environmental impact report before the redevelopment would be approved. I do think in general that the redevelopment would benefit the city by adding to the sales tax revenue that Daly City already receives from the project,” says Tatum Mothershead, interim director of economic and community development for the city of Daly City.

    Mark Langer, executive vice president and chief financial officer did not respond to several phone calls seeking comment for this story.

    Equity One is projecting the redevelopment to produce a good return for its shareholders. “We are expecting the project to achieve an 8 percent unlevered return on the increment cost of the project,” said Lukes during the conference call.

    The redevelopment plan calls for a significant amount of new space being added to the property. “Our plan is to redevelop the mall and develop the perimeter land for a net additional 200,000 square feet. This would represent a 20 percent increase in the property size. A successful completion of the redevelopment would likely increase the full property net operating income by 40 percent,” said Lukes on the conference call.

    Equity One has already started talking with tenants about taking some of the additional space. “We are currently in lease negotiations with tenants totaling 80,000 square feet, and we are exchanging letters of intent for an additional 80,000 square feet,” said Lukes. The existing property has been performing well for Equity One. The in-line tenant sales are at $477 per square foot, and the property is 97 percent occupied.

    The land at Serramonte Center is roughly 80 acres in size. During the past three years, Equity One has brought in several new tenants to the property. This includes Dick’s Sporting Goods, Uniqlo, Zumiez and several restaurant tenants. The property currently totals 895,438 square feet, and some of its major tenants are Target, JCPenney and Macy’s.

    Equity One is a publicly traded real estate investment trust that owns major retail properties across the country. The company has ownership of 11 properties in California totaling 2.4 million square feet, according to its Web site. Serramonte Center is its largest property it owns in the state of California.


     by Sally Kuchar

    Welcome to Curbed Comparisons, a column that explores what one can rent for a set dollar amount in various San Francisco neighborhoods. Is one man's studio another man's townhouse? Let's find out! Today's price: $2,300.

    ↑ In the Western Addition, $2,300 will nab you this renovated studio with a huge private deck. The renovation was no joke: new kitchen, bathroom, and gleaming hardwood floors. That said, you have to be down with having what appears to be burnt orange kitchen countertops. The building has on-site common laundry, parking's available for an additional $300 per month, and pets aren't allowed.

    ↑ This rental's for you if you're looking for a very cute one-bedroom apartmentnear Golden Gate Park. The floors are parquet, the kitchen's got pale yellow vintage appliances, and the bathroom is fitted with a pink toilet and sink. On Judah Street in the Inner Sunset, it's a mere two blocks from the park. There's shared laundry in the building, but no pets or mention of parking. It'll cost you $2,295/month.

     It's unusual for a rental in Chinatown to come onto the market, so it was a delight to find this rare unicorn while combing through the listings. It's $2,295/month and claims to be a one-bedroom, though if the photos are any indication it's a very, very tiny unit. The apartment was remodeled from top to bottom and has a small but nice kitchen and bathroom. No mention of pets, parking, or laundry.

     On a budget (by San Francisco standards) but still hoping to score a pretty large kitchen? This Lower Pac Heights one-bedroom apartment is for you. It clocks in at 700 square feet and is currently listed for $2,300/month. Bonus: It has an additional room that can be "used as an office or storage." No mention of pets, laundry, or parking.

     This is a corner studio on a busy block of Russian Hill. It'll cost you $2,350/month. It should be noted from the listing that "AS A CONDITION OF THIS RENTAL, AREA RUGS REQUIRED ON ALL WOOD FLOOR AREAS PRIOR TO MOVE-IN." So, make sure you budget for covering all of the pretty hardwood flooring up with your own money. No parking, no pets, no laundry.


    Hilton Expands in San Francisco with $530MM Acquisition of Parc 55 Wyndham

    by publisher in News Releases

    (EDITOR’S NOTE: According to sources with knowledge of the transaction, the sale price was confirmed to be close to $530 million, and the cap rate based on 2014 NOI was in the low 5 percent range)

    SAN FRANCISCO – Feb. 18, 2015 – Hilton Worldwide today announced the closing of the acquisition of 55 Wyndham San Francisco – Union Square. The property, which will be renamed Parc 55 San Francisco a Hilton Hotel, adds 1,024 guest rooms, 54 suites and more than 30,000 square feet of meeting and function space to Hilton’s existing portfolio of San Francisco hotels. Ideally situated in the Union Square area, Parc 55 is one of five landmark properties purchased from the proceeds of the sale of the Waldorf Astoria New York. The other hotels in the transaction include: The Reach, A Waldorf Astoria Resort and Casa Marina, A Waldorf Astoria Resort, both in Key West, and Hilton Orlando Bonnet Creek and Waldorf Astoria Resort Orlando.

    “Hilton has a celebrated heritage in San Francisco which began with the opening of Hilton San Francisco Union Square more than 50 years ago,” according to Rob Palleschi, global head, full service brands, Hilton Worldwide. “Parc 55 San Francisco a Hilton Hotel is a special addition to our rapidly growing global portfolio of more than 550 Hilton properties, and the custom furnished guest rooms, stunning views, massive event space and key location will give travelers the perfect vantage point to experience all the city has to offer.”

    “Parc 55 complements its new sister hotel, Hilton San Francisco Union Square in one of the world’s most desirable gateway destinations,” said Keith Clampet, senior vice president of hotel operations at Hilton Worldwide. “With a contemporary design geared for both corporate and leisure guests, the hotel is an exceptional addition to our group of high-quality properties in the area.”

    Parc 55 will be managed by the existing general manager of the property, John LaFortune. Boasting 23 meeting rooms featuring dramatic views of the city, advanced audiovisual equipment and a business center with free Wi-Fi and fax, copy and printing services, the hotel is ideal for groups of 10-700. Coupled with Hilton San Francisco Union Square, the two properties will be able to attract and accommodate larger groups with nearly 3,000 rooms and 165,000 square feet of functional meeting space combined.

    Featuring artwork throughout the hotel lobby created by artists Sydney Bridges and Alex Garcia, Parc 55 boasts 1,024 accommodating guest rooms and 54 expansive suites. A full-service 24- hour fitness center, 55 Fitness, offers high-tech cardio and weight equipment allowing guests on the road to stay on target with fitness routines. Additional amenities include a 135-space parking garage with a Juice Bar for automobile charging and an array of dining options including authentic Thai eatery, Kin Khao, Cable 55 Restaurant which features innovative American cuisine and grab-and-go style Barbary Coast.

    About Hilton Hotels & Resorts
    Founded in 1919 as the flagship brand of Hilton Worldwide, Hilton Hotels & Resorts continues to build upon its legacy of innovation by developing products and services to meet the needs of savvy global travelers at more than 550 hotels across six continents. Hilton is the stylish, forward-thinking global leader in hospitality with Team Members shaping experiences in which every guest feels cared for, valued and respected. Access the latest news at and begin your journey at or for the latest hotel specials. View a list of official social channels at Hilton Hotels & Resorts is one of Hilton Worldwide’s 12 brands.

    About Hilton Worldwide
    Hilton Worldwide (NYSE: HLT) is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company’s portfolio of twelve world-class global brands is comprised of more than 4,300 managed, franchised, owned and leased hotels and timeshare properties, with more than 715,000 rooms in 94 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio – A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Visit for more information and connect with Hilton Worldwide at,,,, and


    BREAKING NEWS: Acadia Places City Center in San Francisco Under Contract for $155MM

    By Jon Peterson

    White Plains, New York-based Acadia Realty Trust has put under contract the $155 million acquisition of the 204,000 square foot City Center retail property in downtown San Francisco. It has not been determined when the deal might be closing. The projected cap rate on this deal is anticipated to be someone in the range of 5 percent.

    The property is located at the corner of Geary Blvd. and Masonic Avenue. This is an area with a high population density with nearly 300,000 residents located within two miles of the site. The trade area also has average household income of $100,000.

    “This property fits in with our focus of investing in property is strong growing gateway markets. This project was large and very stable for us to be interested,” said Ken Bernstein, president and chief executive officer for Acadia during a conference call discussing the company 2014 fourth quarter results.

    City Center is currently anchored by a Target store. The property does have Best Buy as a tenant. There could be a re-leasing potential with this retailer over the next three to five years. The center is situated in an area that has strict zoning regulations that has resulted in limited retail competition in the immediate trade area.

    This potential transaction for Acadia would represent the company’s first direct acquisition in the West Coast. The company has had an ownership interest in and tracked the former Mervyns property for several years through its successful fund retailer controlled property venture.

    San Francisco is a market that has below the national average of retail per square foot per capita. In San Francisco this is five square feet per capita versus the national average of 24 square feet per capita.

    Acadia is a real estate investment trust that buys urban and suburban shopping centers on a nationwide basis. Some of its other markets include New York, Pennsylvania, Maryland, Illinois, Virginia and Massachusetts. The company invests directly for the REIT or through investment funds it has formed with institutional investors.

    Acadia is planning a very active year in acquisitions nationwide. “We are targeting totaling acquisitions in the range of $300 million to $400 million for 2015 for our core properties,” said Bernstein in the conference call. The company on a long range basis would like to find additional investment opportunities in the San Francisco area.




    What $3,300/Month Rents You in San Francisco

    By Sally Kuchar

    Welcome to Curbed Comparisons, a column that explores what one can rent for a set dollar amount in various San Francisco neighborhoods. Is one man's studio another man's townhouse? Let's find out! Today's price: $3,300.

    ↑ $3,350/month gets you an airy and bright top-floor one-bedroom apartment in the heart of the Marina. The unit's many architectural highlights include arched doorways, moldings galore, and a colorful tiled bathroom. The building's also within two blocks of the Marina Green. Parking's available for an additional $150/month, but pets aren't allowed and there's no laundry.

    If living in a Victorian apartment isn't your thing, this more modern one-bedroom rental in North Beach is a good option at $3,350/month. It has a fireplace, plus on-site (and free) laundry, and the unit comes with a parking spot gratis. The most attractive feature, though, is the nearly 360-square-foot private patio that's accessible from both the living room and bedroom. Add that 360 square feet to the apartment's 600 and you're talking nearly 1,000 square feet of private living space in the heart of North Beach.

     This Pacific Heights apartment is described as a junior one-bedroom, which almost always means spacious studio. That said, it's still cute as a button. The unit's got a "large living room" and "formal dining room," and we're thinking the dining room doubles as a bedroom. We're seriously swooning over the adorable green tiled bathroom, which has a tub and a separate shower. Other highlights include a private deck and on-site laundry. No pets are allowed, but there's parking for an additional fee. This rental will run you $3,250/month.

     On a quiet alley in the Mission, $3,300/month gets you a 700-square-foot two-bedroom apartment. The kitchen's got a pantry and there's an additional sunroom for storage. Speaking of the sunroom, there are hookups for a washer and dryer in there if you want to splurge on your own machines. No pets, no parking, and no word on whether the fireplace works.

     Head over to Nob Hill and a sunny and pet-friendly one-bedroom apartmentcan be had for $3,300/month. The main rooms are lovely, but the kitchen is a mess. We've never seen a stove or fridge look so left out of the party. There are coin-operated laundry machines in the building, but there's no parking.


    How Soaring S.F. Land Prices are Changing the Development Game

    With the price of land in S.F. skyrocketing, making funding a challenge, this morning we convened the city's top developers at Hotel Nikko to tell you how they're getting projects off the ground.

    We snapped California State University senior chief Jim Sowerbrower and Suffolk Construction president Andy Ball having a post-panel pow wow. Jim told the 200 attendees at Bisnow's Construction & Development Summit that CSU is able to self-fund academic buildings based on its strong credit and ability to pay, as opposed to the state's. That will open doors for campuses to move forward on buildings that have been on the boards for some time, he says. In San Jose, there are 1.3M SF slated to get going in the next decade, and a lot of new funding should be available (that campus alone would be a $600M-plus endeavor). Across all Bay Area campuses, incoming projects will be in the billions of dollars. 

    Boston Properties senior project manager Michael Tymoff says availability of construction financing is not an issue for his firm. Instead, rising land and construction costs are the limiting factor. Look at Beijing-based Oceanwide's deal to buy the plot at First and Mission for $300/SF for a site without entitlements. That's more than double what his firm got for the Salesforce Tower site ($140/SF) two and a half years ago. He says Boston looked at Mission Bay Blocks 26 and 27, but was priced out (Alexandria got it for the JV with Uber). "We couldn't make the numbers work." 

    Kilroy Realty SVP Mike Grisso hopes the scarcity of land in S.F. translates to development in Oakland (we just told you the East Bay was on fire), but rents aren't there yet (30% to 40% lower than S.F.). The biggest and best bang for the buck in this region is to invest in transit, he says, which can get people from more affordable locations to where the jobs are. Mike says unfortunately there's not federal and state support for transit projects like there used to be. The solution is in public-private partnerships, he says. 

    Andy thinks we could take advantage of today's low oil prices and implement a gas tax to help fund infrastructure projects. His firm is bullish on Oakland and has lots of pre-construction activity there, where it costs 10% less than S.F. He says there's plenty of equity in the market and no lack of debt financing. He's seeing crazy money and partnerships coming from the Chinese, thanks to their own GDP falling.

    We snapped Allen Matkins partner Raymond Buddie after he moderated a panel. Mike told him it's not land costs and funding hurdles that are the biggest problem, but instead Prop M, and the real estate community needs to figure out solutions. Michael points out one perk of Prop M as a landlord is it will keep rents high, but one negative is its impact on existing office space. Class-B and C spaces are the ones young tech companies need in their early years as they are growing. But if development gets capped thanks to Prop M, those buildings will get upgraded.  


    Is Something Big Coming to the 1100 Block of Polk Street?

    by Tracy Elsen

    Currently, the 1100 block of Polk Street, which runs between Hemlock and Sutter, is home to several small businesses, some vacant storefronts, and a Sunni mosque. That could change, though, if some (still very preliminary) planssniffed out by Hoodline actually take shape. Hoodline reports that a developer may be buying up and demolishing the entire block to make way for apartments and new commercial space. Last November, a Preliminary Project Assessment was filed for 1145 Polk by Dolmen Property Group, the same developer responsible for the big Hibernia Bank project. The PPA, which is still under review by Planning, envisions 54 studio apartments and 20,000 square feet of commercial space for the site.

    If the project were to go ahead, it would replace businesses like Hemlock Tavern, Cafe Zitouna, and Sudachi Sushi Bar with a new six-story building just across the street from fancy rental tower Etta, which opened in late 2013.Hemlock Tavern's owner told Hoodline that he hasn't heard anything about the possibility of a new development and that his lease is good through 2021. Of course, PPAs are just the very first step in the planning and approvals process, but changes for this corner of Polk Street remain a possibility.


    Chinese Money Continues to Flow into San Francisco Bay Area Real Estate

    Foreign investors have long been attracted by Bay Area commercial, industry and residential real estate. But that interest seems to be growing rapidly, especially among Chinese buyers. And that trend could have a very strong impact on housing prices in San Francisco, Silicon Valley and all around the Bay for years to come.

    According to a recent survey by the National Association of REALTORS®, foreign clients purchased $92.2 billion worth of existing U.S. homes in the year ending March 2014, up 35 percent from the previous 12 months. About half of these foreign buyers live outside the United States, while the other half are recent immigrants or here on temporary visas.

    China accounted for the largest dollar volume of international sales with 24 percent of all dollars spent on housing in the U.S. In California, 62 percent of foreign buyers came from Asia. Although exact numbers are hard to come by, it appears that much of that investment is flowing specifically to Bay Area real estate.

    There area a number of reasons for the trend. The boom is partly because of globalization, but it also has to do with the rapid buildup of wealth in China, which had 2.4 million millionaires in 2013, up 60 percent from the year before, according to the Boston Consulting Group.

    A recent article in the San Francisco Business Times noted a number of other reasons, including:

    • The Chinese real estate market is overheated. A report by consultancy Knight Frank says that Chinese investors have set their sights toward the western world mostly because their own residential market has cooled significantly.
    • Chinese companies have more freedom lately. Starting in 2013, Chinese companies could invest $1 billion abroad instead of just $100 million, the paper noted. Insurance companies could double the amount of their assets they put in real estate.
    • U.S. and China got friendly and expanded visa limits last year. The Obama administration moved to extend visas for Chinese business people, students and tourists in order to spark investment. That’s helped open more doors for Chinese companies to open offices and for Chinese nationals to buy their own homes here.
    • There’s been more matchmaking. The Business Times said Bay Area real estate developers have also received more help from city officials with finding Chinese capital partners.
    • San Francisco has started to look more like Shanghai. The Times notes that China has more than 70 towers taller than San Francisco’s tallest building, the Transamerica Tower. But that’s starting to change as the Transbay district pops up, including one planned building that will be the second tallest in the city.

    Don’t forget: It was Coldwell Banker Commercial that last year was responsible for the sale of the landmark 225 Bush Street high-rise to a Chinese development firm for $350 million.

    Below is a market-by-market report from our local San Francisco Bay Area offices:

    North Bay – The entire Marin market is seriously lacking in inventory, our Greenbrae manager reports.  This is true throughout the entire county. One of our new listings in Sausalito priced at $1.2 million got nine offers, going well above asking price. Another listing priced under $1 million in Corte Madera received 12 offers and will close at well over $1 million. There is a general optimism that more properties will be coming on the market. It’s the same story in the Novato area…low inventory. Agents are saying inventory is coming in March. Sellers want to wait for spring. Even when an agent has a signed listing they are not sharing information until home is ready for market. The luxury market has picked up. Homes that had been sitting in 2014 are now selling. Homes over $1 million are selling quickly because of lack of inventory. Buyers that have been waiting are poised and ready. Our Santa Rosa-Bicentennial office says the under $500,000 market is getting a lot of attention with 4-6 offers per property being the norm. The move-up market is hampered by sellers who want to find a new home before putting their home on the market and therefore are writing contingent offers without their properties being on the market. Our Santa Rosa-Mission office notes that buyers are coming out and being aggressive when new inventory hits the market. Multiple offers are slow but only because the inventory is thin. When good inventory appears multiple offers are common. Our Southern Marin manager says overall market volume is off due to low inventory. He expects to continue to see unit sales off, but a higher average sales price. This trend will continue until we get more inventory. Although the overall market is slow due to super low inventory, the Previews luxury market is strong and steady, as evidenced by our CB Southern Marin offices getting acceptances on eight properties ranging from $2-3.6 million. More than half of these properties received multiple offers. The luxury property market demand is as strong as ever.

    San Francisco – Our Lakeside office manager reports agents are gasping for listings. Buyers are relying on traditional hope for life after Super Bowl Sunday, yet the listings are like rain in a drought – soaked up by parched Buyers as they hit the ground, or before. According to our Lombard manager, throughout January, now into February, agents are looking for a bump in the inventory. Listings even dropped in the City after the Super Bowl. Our Market Street manager says inventory remains way too low, and buyer demand remains high.   Those sellers that were ready to hit the market in January were rewarded with crowds at their open houses, and multiple offers on their offer dates.   This period we saw as many as 21 offers on a modestly priced home.   Now that the Super Bowl is past, there is hope for more homes being listed.   However, even this is expected to be too little to meet current demand.   If owners have any inkling of selling, now is a great time. Open houses are very well attended, our Sunset manager reports. Demand for properties across the board, including investment properties, is high.   The market appears to be improving due to the increase of listing inventory as sellers are no longer in the “let’s wait until after the holiday” mode.   The marketplace definitely can use more inventory to satisfy the current demand.

    SF Peninsula – Burlingame agents are continuing to see some small increase in inventory, however the pent up buyers are snapping these properties up in multiple offers as soon as they come to the market. There’s a very slow inventory buildup in the Previews luxury segment. After a very quiet first two weeks of the year, our Burlingame North office manager says there seems to be a lot of activity for listings coming up in the next 30 days or so. Agents are working with sellers preparing their homes for the market. There’s some activity in the $3-5 million range if priced correctly. Even in this market pricing is critical and it is possible to overprice a property. If that pricing mistake occurs, a period of 7 days or longer on the market will not be the seller’s friend. Across the hills in Half Moon Bay, there was a lot more activity this week. More listings are coming on the market, but properties are selling quickly with multiple offers. There were 2 beach properties over $3.25 million and $3.488 million sold within 10 days. Our Menlo Park manager says open houses have been good. Not much action in Menlo Park and Atherton yet. Agents are spreading out to the peripheries to get business. In Palo Alto, increased demand and very low inventory. Prices are well beyond the expected. Agents say expect to be surprised! Our Redwood City-San Carlos manager reports agents are very slowly beginning to see an increase in inventory. They are still receiving and dealing with multiple offers on all properties. Open houses are extremely busy on both Saturday and Sunday. The Woodside-Portola market is slow. Agents are seeing a little pick up and many think they will be getting at least one listing in the next 30 days.

    East Bay – Inventory is at a record low, our Berkeley manager reports. There are 10-15 offers on all listings. An agent received 15 offers on a house in Albany listed to $799k. Another listing in Oakland received 18 offers, priced at $539k. Both went way over with no contingencies. It’s hard to represent buyers. February listings inventory for the office look great. Lots coming on and agents are excited to see more action. In the Danville area, inventory remains very low and many Buyers are waiting in the wings. In the Fremont area, inventory continues to increase. Properties are selling with multiple offers, ranging from 2-20 – leading to selling over the asking price. Our Oakland-Piedmont office reports lots of buyers, not so many properties. There is an increase of inventory over January – nothing significant, but agents are able to get a few more of our buyers in to contract. From the paperwork coming in to the office it appears that there should a more significant uptick in inventory in March. Agents have noticed over the last couple of weeks buyers and potential sellers are finding each other through friends and relatives and come to the agents to put the deal together. The number of buyers continues to increase in the San Mateo area.

    Silicon Valley – Our Cupertino manager notes that if agents had more inventory, they would set the world on fire! One open house had 500 visitors over the weekend. It’s not unusual to get 20+ offers on some of our listings. The lack of inventory is driving prices even higher in all cities, our Los Altos manager reports. Tear downs in Los Altos on a flat ½ acre, and over ½ acres are selling above $3.5M with many interested buyers. Each new sale is higher than the last, and buyers are reaching to be the winner. Condos are at all time highs also in Los Altos. The houses in Los Altos Hills under $4M are still receiving multiple offers and being bid up, but stagnant at $10M price range. Mountain View condos are all reaching new highs in sales, with many disclosures requested and multiple buyer offers. An Old Ranch Lane remodeled house in south Los Altos Hills had 8 offers, was listed at $2,999,000. Listing agent says they got “about $3.7m.” Buyers are getting some relief as new inventory begins to hit the market, according to our Los Gatos manager. Our San Jose Almaden manager notes more properties are coming to market but are selling quickly so inventory isn’t increasing by much. The average sales price is still increasing though. Almaden had an average sales price of $1,416,000 in January, which is up 26% from January 2014 and up 21.9% from December of 2014. Blossom Valley had an average sales price of $598,450 in January, which is up 12% from January 2014 and up 3.9% from December 2014. Our San Jose Main office manager says inventory is so low that multiple offers are commonplace on all properties. Open houses are well attended – even with the super bowl weekend. The local Willow Glen market kicked off a few weeks prior to Super Bowl Sunday weekend. Agents have had a number of new active listings come to the market. Open house activity has been swamped, agents are reporting. Buyers know the name of the game – that they need to move fast on presenting offers. Most agents are giving one weekend of open house then reviewing offers the following week. Yes multiple offers well over asking price is the norm. Our Saratoga manager reports the local market is healthy and brisk under $3 million. Over $4 million is good but not as many buyers and therefore slower.

    South County – It is apparent that sellers are finally realizing that there has never been a better time to put their homes on the market. Local agents have been working very hard to get the word out to their clients. During the past several weeks Morgan Hill and Gilroy have seen an increase in the number of homes being listed for sale. Of course, the buying public is responding with multiple offers with final sales prices ending up well above asking. Both buyers and sellers are witnessing the market attempting to balance itself. At the present time, however, there is still not enough inventory to satisfy buyer demand—and so it remains a sellers’ market. Agents are remaining optimistic that the listing inventory will continue to increase as we enter into February.

    Santa Cruz County – In 2014 for the month of January the inventory was at 376 homes in the County and 125 total sales. February increased slightly to 393 homes on the market and decreased to 109 total sales. January 2015 started with just 264 homes active on the market and agents saw 92 sales, which is proportionately more listings sold given the lower inventory available. As of the day of this report there are only 267 homes active on the market in the County and agents have seen more than 2 homes sell per day in February. As a result of having about 30% less inventory compared to last year and steady demand, they’re seeing multiple offers on many listings and anticipate that as inventory increases sales will likely increase quite a bit as well. The average sales price is currently $696,833 with a sale to list price ratio of 98.1%. Last year at this time the average sales price was $661,081 with a sale to list price ratio of 98%. The inventory of Previews Properties on the market has started to slightly increase, moving from 89 active in January to 91 active currently. Twelve homes sold for over a million dollars in January and 1 has sold so far in February. In January 2014 we saw 110 Previews Properties on the market with 22 sales, and in February 111 homes active and 14 sales. The low inventory has seemed to create some pent up demand, and we are seeing a lot of showings and multiple offers on many of the active Previews Properties. The average sales price of Previews Properties is currently $1,524,000 with a 95.3% list to sale price ratio. At this same time last year, the average sales price of Previews Properties was $1,308,891 with a sale to list price ratio of 93.8%.

    Monterey Peninsula – The Monterey Peninsula is experiencing a terrible drought with no rain for the month of January, but unit sales were up 15% over last year. The last two weeks of January our offices received several new listings and many ratified contracts, again up over last year. With 14% of our January unit sales in the Previews category we are still seeing strength in this category. The $1 million and under price is really picking up in this market, and inventory is improving with about 4 months supply. Next week is the AT&T Pro Am golf tournament, which will highlight the beautiful Monterey Peninsula. This is our second busiest week of the year and it will certainly give us free exposure with the television coverage. We are looking forward to a strong February.

    Market Watch is a bi-weekly column by Coldwell Banker San Francisco Bay Area president Mike James.  Click here to view past issues.



    What $3,000/Month Rents You in San Francisco

     By Sally Kuchar

    Welcome to Curbed Comparisons, a column that explores what one can rent for a set dollar amount in various San Francisco neighborhoods. Is one man's studio another man's townhouse? Let's find out! Today's price: $3,000.

    In Lower Pac Heights, at the bustling corner of California and Fillmore, thisone-bedroom can be yours for $2,995/month. It's jam-packed with Victorian architectural charm, like tall ceilings, moldings galore, French doors to separate the double parlor (that's actually the bedroom), and of course two nonworking fireplaces. The hardwood floors are gleaming, the kitchen is crummy, and the bathroom has a giant window. Cats will be considered but unfortunately no dogs are allowed. Laundry's in the building and there's no mention of parking.

    ↑ Described in the listing as the "Princess of the Panhandle, the Beauty of Broderick," this perfectly fine one-bedroom in the Upper Haight is currently listed for $2,995/month. While it's not covered in precious gems and technically has no ties to royalty, it was recently remodeled and got a nice stainless steel fridge in the kitchen. Parking's "available upon request," and there's no mention of laundry or pets.

    ↑ A very charming one-bedroom on the top floor of a small residential building on Chestnut Street in the Marina just listed for $3,000/month. We're especially fond of the wall of floor-to-ceiling windows in the main living area as well as the location's close proximity to Moscone Recreation Center and Fort Mason. Parking's available for $295/month, no pets, and there's no mention of laundry.

    ↑ Brand-new construction in Western Addition means you can get a never-lived-in one-bedroom for $2,950/month. It's got all the bells and whistles associated with new construction: We're talking dishwasher, laundry, microwave, disposal … the list goes on. There's also a common roof up top and parking's included.

    ↑ One of the more unusual properties we've ever run across: This is anindoor/outdoor small cottage at the back of a larger building. It's in Pacific Heights and is available for $2,995/month. If the expansive backyard isn't quite big enough for you, Alta Plaza Park is literally across the street. No mention of pets or laundry, but the listing does say street parking only.



    China’s Oceanwide Holdings Looks to Transform First and Mission Site in San Francisco

    By Nancy Amdur

    Beijing-based Oceanwide Holdings Co., Ltd. is making a grand entrance into San Francisco with its recently announced plans to spend nearly $300 million for a development site at First and Mission streets, which is slated to house the city’s second-tallest office building.


    Oceanwide, through its wholly owned subsidiary Tohigh Property Investment, LLC,  agreed to pay $296 million for the 1.17-acre site being sold by San Francisco-based developer TMG Partners and its capital partner Northwood Investors LLC, a global real estate investment and management firm. The property is across from Salesforce Tower, which at 1,070 feet will be San Francisco’s tallest building when its construction is complete in 2017.


    Oceanwide was drawn to the 50 First St. site partly as a way to deepen its real estate presence in the United States, according to an Oceanwide news release posted on ChinaSF’s Web site. ChinaSF, a nonprofit that is part of the city’s Office of Economic and Workforce Development, works to connect with Chinese companies looking to invest in the city and helped link Oceanwide to this deal.

    “The company is actively implementing [its] overseas investment strategy in order to compete in the international marketplace,” Oceanwide’s news release said.

    “The First and Mission project will be the second-tallest landmark development in the heart of San Francisco. This investment will significantly improve the reputation of the company and its overseas investments,” the release said.

    The company also noted that it would gain a piece of the city’s in-demand office market where new supply is limited due to Prop. M, which caps the amount of office space that can be developed.

    TMG’s development calls for building two mixed-use towers with approximately 2 million square feet of office, retail, residential and hotel space. The company submitted an environmental evaluation application to San Francisco’s Planning Department in July that outlines plans for an approximately 850-foot tower that would contain 1.1 million square feet of office space and about 106 residential units along with retail space. A later proposed 60-foot crown would take the tower to 910 feet. A second 605-foot tower would include 168 hotel rooms and 110 residential units above lobbies and ground-floor retail space, the application said. A total of approximately 59,000 square feet of retail space would be included in the project. The project is still under review by the city, said Gina Simi, a planning department spokeswoman. TMG declined to comment.

    TMG and Northwood purchased the site in 2013. London-based Foster + Partners and San Francisco-based Heller Manus Architects are the architects on the project. Oceanwide signed the purchase agreement in November but is still negotiating with TMG on final project management details, said Darlene Chiu Bryant, the executive director of ChinaSF.

    The property is in the city’s Transbay district and was rezoned in 2012 under the Transbay Plan, which was designed to encourage density around the Transbay Terminal.

    San Francisco is among the U.S. cities attracting Chinese investors, partly due to the city’s strong economy, Chiu Bryant said. Los Angeles, Seattle, Houston, New York, Boston and Chicago also are target markets for Chinese investors, she added.

    In 2013, Shenzhen-based China Vanke Co. Ltd. partnered with New York-based Tishman Speyer to develop the Lumina condominium project at Main and Folsom streets in San Francisco. That deal also helped raise the city’s profile among Chinese investment companies, Chiu Bryant said. China Vanke is one of the country’s largest residential property developers.

    Oceanwide made its first U.S. purchase in December 2013 when it acquired the Fig Central condominium and hotel project across from the Staples Center on Figueroa Street in Los Angeles. That purchase also was made through its Tohigh Property Investment subsidiary. Additionally, the company last month reportedly bought a 186-acre site on a former Sonoma Valley ranch near Kenwood that is approved for a resort and winery.

    Oceanwide carries a diverse portfolio with investments in sectors including banking, energy, media and real estate.



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