Sunday, May 1, 2011

Cassidy rolls the dice in San Francisco - San Francisco Business Times:

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That was the question floating through San Francisco real estatwe circles in recent days after the online housinvg site SocketSite posted a photograph of some excavation equipment on the dirt lot inreceny days. The answer is that Cassidy, who bough the property from in 2007, is shoring up the site so that he can staryt excavationthis summer. Cassidy said his constructionm crews just finished a big projectr in San Rafaeland “had a lull in between “We’ll be ready to start excavation in anotherr two months if everything goes right,” said who developed the Palms, a 300-unit project on Fourt Street. “We have to keep everybody rolling and keep theitrmortgages paid.
” The approved project will consist of 113 condoas near Laguna St., with 13 below-market-rate Cassidy said he is not readh to say the housing market has but added “there is no pointg in starting (construction) in good times.” “That is the million-dollar Am I going to catch the risingt tide?” said Cassidy. Clark Manus of has been elected AIA firsyt vice president and2011 president-elect. At the locapl level, Manus, a former AIA San Francisco president, has long stressesd the importance of engagingyoung architects, particularl y during a recession.
“Encouraging young architects to remain engagecd though continuing education or advocacy will forge a bond that will be effectivew asindividuals re-enter the profession,” he San Francisco’s industrial marketplace still has a pulse. The 91,000-square-footy warehouse at 2225 Jerrold Ave. has sold for more than $10 The seller was , which owns Golden NAI BT Commercial handled both sides of the Scott Mason represented CenturyyTruck & Leasing, and Tom Christian represented the 2225 Jerrold LLC, which will continue to use the propertu for storage. Mason said the concrete buildingfincludes 30,000 square feet of yard area and a multitudee of loading doors.
He said industria l property values have dropped 15 percent to 20 but that the Jerrold Avenue propertyuwas “the best large buildintg existing in the marketplace.” “It tells you there is stilll a buyer for a high-quality property,” he said. Mill Valley-based investor GSI Realtu purchaseda 113,000-square-foot distribution building at 21040-21056 Forbeds St. in Hayward. The property is fulluy leased to four tenants with several years remaining ontheir leases.
The price was not “GSI Realty holds several assets in the marketplace alreadyg and was very familiar with this saidSean Sabarese, a broker with who represented the “They jumped at the opportunitu to buy a well-maintained building in one of the Bay Area’ core markets.” Joe Yamin of Oakland office also represented the buyer and Greihg Lagomarsino of Colliers’ Oakland represented the seller. San Francisco-bases investor purchased a 264,687-square-foot, three-building complexd in Tracy. The project is a Class A, multi-tenanyt industrial park.
Lagomarsino, Michael Goldstein and Greg allof Colliers, worked on the

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