Save The Date: May 9
Solar Row Grand Re-Opening
Open House 11am – 1pm
Join us for the Open House on Thursday May 9 from 11am to 1pm. Refreshments will be served. Please RSVP to Stephanie Sonthana by May 3 if you’re planning to join us. We look forward to seeing you!
For more information about Solar Row, visit Solar-Row.com.
At the busy corner of highways 4 and 49 in Angels Camp sits Frog Jump Plaza. Located at 51 North Main Street, Angels Camp, California – the center is currently offering a 1,740sf unit of retail space for lease. The entire center is also currently offered for sale as well.
Building Features
• Highway Monument Sign
• Abundant parking
Suite G Features
• 1,740 sq. ft.
• Large Open Area
• One private office
• One private restroom
• Kitchen / Storage Area
Surrounding Business Services
• Highway frontage is a strong tourist draw
• Anchored by CVS, McDonald’s, Starbucks
Location & Access
• Located at NW corner of Hwys 4 and 49
Leasing
• Flexible Lease Terms
• Full Commission
• Competitive Pricing
Download the flyer here.
Please contact:
Lee Jatta & Buddy Parsons
408.453.4700 x140 408.453.4700 x116
Reprinted from: San Jose Mercury News
McEvoy Apartments receive financing
Project would create 319 affordable residential units
By George Avalos
SAN JOSE » Hundreds of apartments are poised to sprout in downtown San Jose now that a property sale and key financing are in place for a project to bring affordable housing to a site near the Diridon train station.
The McEvoy Apartments project, proposed for the corner of West San Carlos and McEvoy streets, would create 319 affordable residential units in a two-stage development, according to the developer and the financer for the residential complex.
First Community Housing, acting through an affiliate called McEvoy Street, paid $13.5 million on July 31 for several parcels where the seller, 699 West San Carlos Street, now operates a metal shop, S& S Welding, according to Santa Clara County property records.
At the same time as the property purchase, the First Community Housing affiliate obtained $15.8 million in financing from Housing Trust Silicon Valley, public records show.
The lender provided $9.4 million to finance the purchase, and another $6.4 million for pre-development costs. The financing didn’t indicate funding for any construction at this point.
“This is an affordable project, and an affordable housing project in Silicon Valley has zero market risk,” said Ralph Borelli, principal executive with San Jose-based Borelli Investment Company. Borelli, a commercial realty broker, helped arrange the deal for the S& S Welding owners, the Nick D’Arpino family, to sell the property to First Community Housing. “We are in a housing crisis and there is insatiable demand for housing.”
The maximum rental range for the apartments will be $700 to $1,400 for a studio; $750 to $1,500 for a one-bedroom; $900 to $1,800 for a two-bedroom; and $1,050 and $2,100 for a three-bedroom — far below market rates.
According to July 2018 McEvoy figures from RentCafe, the average rent in San Jose is $1,948 for a studio, $2,363 for a one bedroom, $2,878 for a two bedroom and $3,407 for a three bedroom.
Compared with current market rate prices, asking prices at the new project would be 46 percent lower for the affordable studios, 52 percent lower for the one-bedroom units, 53 percent lower for two-bedroom apartments and 54 percent lower for three-bedroom residences.
The first phase of building would provide a mix of one-, two- and threebedroom rental apartments, while the second phase would consist primarily of studios, according to Housing Trust Silicon Valley.
More of these developments could materialize in this part of downtown San Jose, said Bob Staedler, principal executive with Silicon Valley Synergy, a land use and planning consultancy.
“This area is evolving into downtown San Jose 2.0,” Staedler said. “You will see more of these properties transition to mixed-use projects when you consider the cost of housing and the location near Google andDiridon station.”
Google is planning a mixed-use, transit-oriented community of offices, homes, shops, restaurants and open spaces where 15,000 to 20,000 of the search giant’s employees would work near the Diridon transit station and SAP Center.
A short distance away, San Josebased Adobe Systems plans to dramatically expand its existing threebuilding headquarters campus by constructing an iconic fourth office tower at an adjacent property.
“This location is absolutely what drove First Community Housing to do this deal,” Borelli said. Contact George Avalos at 408-8595167.
The planned 14-story, 319-unit residential tower is located in downtown San Jose at the corner of McEvoy and West San Carlos streets. Developers will replace the welding shop currently at the location.
120-Acre, $3-Billion Market Park San Jose Welcomes Safeway as Retail Center Anchor
SAN JOSE, Calif., July 30, 2018 /PRNewswire/ — Safeway, which has served San Jose since 1926 and is now part of one of the largest food and drug retail chains in the U.S., will anchor a 100,000 sq. ft. retail center in the North Village of Market Park San Jose. Located immediately adjacent to the soon-to-open Berryessa BART station, when completed Market Park will be the largest transit-oriented development in Silicon Valley, consisting of nearly 4,000 residential units plus approximately 1,500,000 sq. ft. of office space — in addition to retail, neighborhood parks and walking/bicycling paths.
Complementing the full-service, 65,000 sq. ft. Safeway store, the North Village’s Market Place shopping center will include a major drugstore, financial institutions, and various restaurants and service businesses. The center’s attractive, modern design by Kenneth Rodrigues + Partners has been created to appeal to the upscale business clientele and residents within the Market Park community.
“Market Park is an ideal location for a new Safeway,” said Brad Street, president of Safeway Northern California. “We are excited to be part of this neighborhood and create new jobs in the community. We look forward to welcoming residents and offering the best in organic, fresh, local and healthier-for-you products.”
Construction of Retail Center Scheduled to Start in Fall of 2019
Construction of the retail center is anticipated to commence in the Fall of 2019, with the new next-generation Safeway store expected to open to shoppers in 2020.
Project management and office leasing are being led by Borelli Investment Company, while The Schoennauer Company is handling permitting for Market Park. For additional information about the master-planned community, please contact Ralph Borelli or Chris Anderson. Visit www.borelli.com or call (408) 453-4700. Or go to the Market Park San Jose website at marketparksanjose.com.
In a bid to provide a hub for Agricultural Technology and state-of-the-art warehouse and distribution, Silicon Valley Global Partners is set to build its $50 million THRIVE Business Park in Salinas adjacent to the Salinas Municipal Airport.
“Currently we have a 1 percent vacancy rate in Monterey County,” said Michael Bassetti, Cushman & Wakefield real estate director. “Momentum is growing, the economy is strong, and industrial space is in demand. The time is right to build it.”
SVG Partners, in collaboration with the city of Salinas, Borelli Investment Company, and Swenson developers and contractors, will develop the 206,000-square-foot flex research and development and warehouse/distribution center. Cushman & Wakefield will be the real estate company marketing the property to potential tenants.
Read the whole story in the Monterey Herald here, and in the San Jose Mercury News here.
SAN JOSE — A transit village in San Jose’s Berryessa district that has begun to emerge near a future BART stop has landed a Safeway supermarket as an anchor tenant, a vital piece to the mixed-use development.
Safeway has signed a lease for 65,000 square feet to occupy a site called North Village of Market Park San Jose, which is being crafted as a village of offices, apartment towers, single-family homes, shops, restaurants and parks.
Rising on the site of the long-time Berryessa Flea Market, the development could be an early first test of San Jose’s quest to bolster its relatively modest job base and combat worsening traffic woes in the Bay Area by deploying transit-oriented projects with a blend of homes, workplaces and retail.
Read the rest of the story in the Mercury News.