SANTA ROSA, CA—Three properties, two of which are in the Bay Area, are now in the hands of new ownership, indicating the continued fever pitch of local activity. Acquisition financing of $34.48 million was arranged for Sonoma Ridge at Bennett Valley, a 180-unit garden-style community. Also, creative office building Latham Square in Oakland just sold for $47 million.
In addition, $46.2 million in financing was arranged for the acquisition of Cambridge Square, a 408-unit garden-style community in Overland Park, KS. The financing for it and Sonoma Ridge was arranged by the CBRE Capital Markets' debt and structured finance team, and the institutional properties team represented the seller in the office deal. Andrew Behrens and Jesse Weber of CBRE's San Francisco office secured both seven-year fixed-rate Fannie Mae loans with partial interest-only terms on behalf of the borrower, Bridge Partners.
Sonoma Ridge is located in Bennett Valley, known in recent decades for its wine grapes. Residents have easy commuting access via Highway 12 and 101. Montgomery Village is also nearby, providing shopping and restaurant options.
It is a 180-unit garden-style 22-building apartment, GlobeSt.com learns. Units feature amenities such as fully equipped kitchens, oversized living rooms, and large patios and balconies. Residents can enjoy the fitness center, business center, clubhouse, pool and picnic areas.
CBRE Capital Markets institutional properties team also arranged the sale of Latham Square, a historic 116,056-square-foot 14-story trophy creative office building in Downtown Oakland to Bentall Kennedy on behalf of an institutional client for $47 million. The property was 86% leased at the time of sale.
Russell Ingrum, Tyler Meyerdirk, Sean Sullivan and Seth McKinnon of CBRE represented the seller, Ridge Capital Investors. Bill Cumbelich and Patrick Devinger of CBRE's San Francisco office, and Mike Keely and Jake Norton of CBRE's Oakland office are marketing the building for lease.
“Located at the gateway to the thriving Uptown area in downtown Oakland, Latham Square represents one of the highest quality creative office buildings in the market. Consistently achieving market-leading rents, the property is well positioned to outperform for many years to come,” said Meyerdirk, first vice president.
Latham Square recently underwent a major $14.7 million renovation which included installation of new electrical and plumbing infrastructure, lobby, signage and façade, tenant lounge, shower and bike-locker facilities, and a full seismic retrofit. Major tenants include Fluid, an e-commerce solutions and software company, and Pyatok, an architecture, planning and design company.
Located at 1611 Telegraph Ave., Latham Square is adjacent to the recently renovated Latham Square Plaza, which has substantially improved the streetscape and provided a public open space at the entrance of the property. The building is just one block in either direction from the 12th and 19th Street BART stations, and is in proximity to a variety of restaurants and retail destinations in the Oakland CBD.
Located in the Kansas City metro market and in the Overland Park South submarket, Cambridge Square is in close proximity to Town Center Plaza, which offers retail and restaurant facilities. Highway 69, Interstate 435 and the Kansas City International Airport are all accessible from this property.
SANTA ROSA, CA—Three properties, two of which are in the Bay Area, are now in the hands of new ownership, indicating the continued fever pitch of local activity. Acquisition financing of $34.48 million was arranged for Sonoma Ridge at Bennett Valley, a 180-unit garden-style community. Also, creative office building Latham Square in Oakland just sold for $47 million.
In addition, $46.2 million in financing was arranged for the acquisition of Cambridge Square, a 408-unit garden-style community in Overland Park, KS. The financing for it and Sonoma Ridge was arranged by the CBRE Capital Markets' debt and structured finance team, and the institutional properties team represented the seller in the office deal. Andrew Behrens and Jesse Weber of CBRE's San Francisco office secured both seven-year fixed-rate
Sonoma Ridge is located in Bennett Valley, known in recent decades for its wine grapes. Residents have easy commuting access via Highway 12 and 101. Montgomery Village is also nearby, providing shopping and restaurant options.
It is a 180-unit garden-style 22-building apartment, GlobeSt.com learns. Units feature amenities such as fully equipped kitchens, oversized living rooms, and large patios and balconies. Residents can enjoy the fitness center, business center, clubhouse, pool and picnic areas.
CBRE Capital Markets institutional properties team also arranged the sale of Latham Square, a historic 116,056-square-foot 14-story trophy creative office building in Downtown Oakland to Bentall Kennedy on behalf of an institutional client for $47 million. The property was 86% leased at the time of sale.
Russell Ingrum, Tyler Meyerdirk, Sean Sullivan and Seth McKinnon of CBRE represented the seller, Ridge Capital Investors. Bill Cumbelich and Patrick Devinger of CBRE's San Francisco office, and Mike Keely and Jake Norton of CBRE's Oakland office are marketing the building for lease.
“Located at the gateway to the thriving Uptown area in downtown Oakland, Latham Square represents one of the highest quality creative office buildings in the market. Consistently achieving market-leading rents, the property is well positioned to outperform for many years to come,” said Meyerdirk, first vice president.
Latham Square recently underwent a major $14.7 million renovation which included installation of new electrical and plumbing infrastructure, lobby, signage and façade, tenant lounge, shower and bike-locker facilities, and a full seismic retrofit. Major tenants include Fluid, an e-commerce solutions and software company, and Pyatok, an architecture, planning and design company.
Located at 1611 Telegraph Ave., Latham Square is adjacent to the recently renovated Latham Square Plaza, which has substantially improved the streetscape and provided a public open space at the entrance of the property. The building is just one block in either direction from the 12th and 19th Street BART stations, and is in proximity to a variety of restaurants and retail destinations in the Oakland CBD.
Located in the Kansas City metro market and in the Overland Park South submarket, Cambridge Square is in close proximity to Town Center Plaza, which offers retail and restaurant facilities. Highway 69, Interstate 435 and the Kansas City International Airport are all accessible from this property.
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