A new office building that only Visa currently occupies was recently purchased in California. The piece of commercial real estate was bought with all cash in Palo Alto, not far from San Francisco. The recent real estate transaction is an indicator that investors are hungrier now than ever before for commercial properties in the Silicon Valley area.
An empty Sears store in California is bracing for a major makeover that will transform it from a general merchandise retailer to a luxurious place to drink, eat and work. This piece of commercial real estate in Santa Monica will therefore soon feature offices available for rent. In addition, a garden will be created atop the building's roof, and a new market hall will allow vendors to sell items such as clothing, books, food, drinks and more.
As California draws closer to legalizing marijuana, commercial land remains a premium item. In fact, commercial real estate that is cannabis friendly is now leasing for double or triple the amount that businesses have traditionally paid for them. This is good news for those who own such properties in the Golden State.
A real estate investor from another state recently purchased an apartment complex in California for $42.5 million. The price of the commercial real estate purchase is essentially more than $177,000 per unit, with the building featuring 240 units. Securities Properties made the purchase in Solano County as part of its effort to expand its portfolio in the Northern California area.
An investor group in California recently bought a downtown office building in Santa Rosa, a little more than an hour from San Francisco. The office building spans more than 66,000 square feet. The commercial real estate purchase was executed for more than $12 million.
Two important issues in the San Francisco area -- housing and parking -- will most likely receive some relief due to a new real estate project. This commercial real estate project will involve a brand-new parking garage along with a transit village that will contain 600 units. The garage and village will go up near a Bay Area Rapid Transit station.
A real estate lot is currently for sale in San Francisco. The commercial real estate property is specifically located in the San Francisco Castro District. Re/Max Performance and Starboard Commercial Real Estate are in charge of the sale.
The assessed values of personal and real property in the San Francisco, California, area have skyrocketed recently. Specifically, personal, residential and commercial real estate property values rose to nearly $1.6 trillion for the 2017 to 2018 year -- up by a whopping $110 billion. That is 7.4 percent from the previous year.