Commercial Real Estate News in San Francisco
September 18th, 2013 by Diane Moore
The Press Democrat stated that hotel firm, the Kessler Collection, has its eyes set on a private parking area located south of Healdsburg plaza. The 70-room boutique would be the firm’s maiden property in San Francisco, California.
Kessler, however, is exploring commercial real estate sites in Sonoma, Petaluma and Napa. At present, Kessler has properties in Georgia, Colorado, Florida, New Mexico and North Carolina. If this proposal receives an approval, it could enhance the tourism and hospitality industry in Healdsburg.
1000 workers laid-off by Bank Of America
Just ahead of the Labor Day, disaster struck Bank of America with the dismissal of 1000 workers in its consumer and mortgage lending operations in Cincinnati and Cleveland. However, the layoffs by BoA reverberate outside the limits of the Rust Belt with several banks recalibrating their payrolls following the impediment on refinancing after enhancement of mortgage rates.
Wells Fargo, under the guidance of CEO and Chairman, John Stumpf reported that it was laying off an excess of 2,300 workers in its mortgage operations. Columbus Business First reported that J P Morgan Chase was in the process of laying-off of 300 employees in Central Ohio.
Ohio investor picks up shopping center in Antioch
Phillips Edison & Company has acquired Antioch-based commercial real estate property for a whopping $ 7.25 million. The shopping complex with an area of 75,000 square foot is built on a four- acre-property. At the time of sale, 82% of the property was leased to various tenants, which included Save Mart, the anchor.
The sellers in this deal included RK Anitoch, Renu Patel and Kanu Patel Family Trust. Ohio based Phillips Edison has 52 commercial real estate properties spread across 19 states.
San Francisco hotels offering “avoid the bridge” deals to keep away closure of Bay Bridge
Hotels in San Franciso are deriving the benefit of the closure of Bay Bridge this weekend with numerous “avoid the bridge” deals. A majority of these deals offer inconsiderable discounted rates along with free parking for individuals not interested in figuring out their way in the bridge during the weekend.
The Mandarin Oriental, San Francisco has some excellent packages to take care of almost all the needs of the people. These include continental breakfast for two which starts at $475 and valet parking for the night.
LaSalle Hotel Properties acquires Serrano Hotel for $ 71.5 million
Serrano Hotel in San Francisco was acquired by LaSalle Hotel Properties for $ 71.5 million. The 26-room hotel which was constructed in 1982 was closed in 1998 for renovation and reopened the following year.
Kimpton Hotels and Restaurants will continue to operate the 83,232-square-foot commercial real estate property. The transaction was funded by LaSalle Hotel Properties with borrowings from some of its superior unsecured credit facilities.
703 Market St. Tower can rope in $ 50 million
San Francisco- based 703 Marker St. Tower is making headlines with downtown brokers assessing that it could possibly fetch in $ 50 million. The building is being targeted by hotel and a wide variety of condo developers.
The commercial real estate property is made up of two buildings-the 93,000 square foot, 21-storey tower located at 703 Marker Street and a 45,000 square foot, 5-storey building at 26 Third Street.
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