News From: TRI Commercial/CORFAC International
Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com
TRI Commercial/CORFAC International Completes a Trifecta of Deals Associated with a SOMA Commercial Property
San Francisco, California (October 12, 2015) –TRI Commercial/CORFAC International President Tom Martindale, SIOR, announced today that Senior Advisor Jason James has completed a trifecta of transactions that were all associated with a single property in the SOMA (South of Market) area of San Francisco.
James marketed and subsequently sold a two-story, 34,400-square-foot, PDR zoned industrial building with 42 below-grade parking spaces located at 2650 18th Street in the Mission District of the city. He represented the seller in the $14.25 million deal – 2650 18th Street LLC, which was occupied by Weston Wear.
The buyer of the building was Chai LP, a multi-generational family-owned real estate investor based in San Francisco.
While the building was in escrow, James also leased the entire building to Zesty, a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. The company was founded in 2013 and is backed by numerous Silicon Valley investors and venture funds. James said that Zesty plans to take occupancy soon. KQED, Heath Ceramics and HTC (designer of Droid phones) are located across the street from the future Zesty headquarters.
James concurrently represented Weston Wear in its relocation to 389 Oyster Point where it now occupies approximately 12,000 square feet.
James said that 2650 18th Street was offered for sale unpriced and that, over the course of the listing, there were many offers for the property from a variety of investors, as well as potential owner/occupiers.
“Given how hot the San Francisco market is and the highly desirable location of this property, I was not surprised by the level of activity the offering generated. It really could have gone in the other direction of being purchased by a developer with an eye toward adding additional floors to the site, but we found a local investor who wanted it as-is and a tenant that was willing to renovate the building on their dime.” James said.
“The active sale environment and the demand for such limited blocks of space is very indicative of what is going on with the market, there’s more demand than available space.” he added.
About TRI Commercial/CORFAC International
Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, and land, multifamily and industrial property sectors, with offices in San Francisco, Oakland, Walnut Creek, Sacramento, Roseville and Rocklin. For more information, visit www.tricommercial.com or call 415.268.2200.
About CORFAC International
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Chicago, IL-based CORFAC has 48 offices in the U.S., 7 in Canada and 25 offices internationally. Founded in 1989, CORFAC firms completed (in 2014) more than 10,000 lease and sales transactions totaling 400 million square feet of space valued in excess of $7.4 billion. For more information on the CORFAC network, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com
By: Natalie Dolce
SAN FRANCISCO—Asian investor profile has really been focused on New York and San Francisco. Now they may be willing to look more closely at alternate markets such as Chicago, Houston, Seattle, Denver and Boston or strong suburban markets. That is according to Anton Qiu, a principal and executive managing director of TRI Commercial/CORFAC International based in San Francisco, who spoke in depth with GlobeSt.com on the subject in this two-part Q&A series.
GlobeSt.com: Can you give us a sense of the scale of Chinese investment in US commercial property in recent years?
Anton Qiu: From January 2005 to March 2014, Chinese investors made direct acquisitions of $8.5 billion in U.S. commercial real estate. Of this amount, an enormous $5.8 billion was in the 15-month period from January 2013 to March 2014, according to Deloitte 2014 China Investment Report.
GlobeSt.com: Drilling down locally, what are some of the San Francisco investments made by Chinese buyers?
Qiu: *Vanke’s joint venture with Tishman Speyer (70/30) in SoMa to develop the 655-unit highrise luxury condo project Lumina at an estimated cost of $620 million.
*Beijing-based Zarison Group joint ventured with East Bay-based Signature Properties to create Brooklyn Basin in Oakland, which when complete calls for 3,100 homes, plus new commercial and retail development on the waterfront. The project is expected to take more than 10 years to build out and cost in excess $1.5 billion.
*China’s Gemdale Group is the financial backer for Lincoln Property’s ground-up development of the last remaining North Financial District Class A office building at 350 Bush Street.
*China’s Genzon Group (known as Kylli in the U.S.) bought the majority stake in 225 Bush Street, a 583,000-square-foot office building (the former Standard Oil Co. headquarters) which was valued at $350 million.
GlobeSt.com: What about smaller deals?
Qiu: Yes. Those are just the big deals. There have been many smaller property sales to Chinese buyers, many of whom are just high-net worth individuals buying local investment properties. For example, two years ago I was involved with a $12-million sale of a class B office building in San Jose. I represented a Chinese group out of Los Angeles in the acquisition.
GlobeSt.com: With China’s economy slowing, do you think the people managing its property investments here in the States will alter strategies?
Qiu: First and as most people know, there is a global search for yield with too much capital chasing too few investments of all asset classes. In the recent past Chinese investors have been willing to take on more risk; now they may be a little more cautious and instead of pure-yield plays, they may be looking for longer-term investments such as the Brooklyn Basin project in Oakland mentioned earlier. Additionally, the Asian investor profile has really been focused on New York and San Francisco. Now they may be willing to look more closely at alternate markets such as Chicago, Houston, Seattle, Denver and Boston or strong suburban markets.
GlobeSt.com: What’s behind all this Asian investment after all?
Qiu: The current market slow-down in US property markets may not be temporary; a real estate correction could occur given that capital markets have already begun a correction. Plus, the current market of super-high rents are not sustainable. However, I don’t see Chinese investments in US slowing down as there are waves upon waves of wealthy high net-worth individuals coming here and often for numerous reasons in addition to asset allocation and diversification previously mentioned, such as family needs—children’s education, immigration and quality of life. There are plenty of stories in recent years of Asians buying homes in and near Atherton to get their kids into local schools and have them ready for Stanford.
In addition, many wealthy Chinese are concerned about economic stability and uncertain how their own economy will continue to evolve from purely state-sponsored to some hybrid of capitalism with state controls or strong influence. The US is a safe haven for investment.
For Part 1 click here!
By: Natalie Dolce
SAN FRANCISCO—GlobeSt.com catches up with Anton Qiu, a principal and executive managing director of TRI Commercial/CORFAC International based in San Francisco, to assess the meaning behind China’s recent stock market slide and its potential impact on US commercial property investment.
GlobeSt.com: For starters, give us a perspective on Chinese investment in the US.
Anton Qiu: In the first half of 2015, Chinese firms spent $6.4 billion on 88 Foreign Direct Investment transactions in the United States—the highest first half-year figure ever recorded and about 50% of the money was put into real estate. (Source Rhodium Group China Report)
The biggest deal was Anbang’s $1.95 billion investment in New York’s Waldorf Astoria hotel.
GlobeSt.com: A little more than a month ago China’s stock market took a big hit—what happened?
Qiu: China stocks crashed and all Asian markets suffered major losses on “Black Monday” August 24. China’s benchmark Shanghai Composite index declined 8.5% in a day—its biggest selloff since 2007—wiping out all gains made this year. Many companies, including some state-owned firms, fell by the maximum 10%. The index lost about 38% of its value since its June 2015 peak.
It also sparked market turmoil worldwide. Europe is the world’s second largest economy and biggest trading partner with China; its stock markets declined 5% on the news, while Wall Street was crushed at the opening bell the following morning. Commodity prices fell into territories not seen since 1999. Oil fell to $39 a barrel—its low point since crude began its slide a year ago.
GlobeSt.com: You are originally from Shanghai and you do a lot of investment business with Chinese investors. After “Black Monday,” was there an immediate impact on some of your deals?
Qiu: Before I address commercial property sales, one anecdotal observation I will make is that San Francisco housing prices appear to be stabilizing—we’re seeing fewer bidding wars and sales actually closer to asking prices. Up in Napa, some of sellers of the high-end wine properties are beginning to discount prices. Bear in mind that about 15% of high-end residential sales in recent years have been to Chinese buyers—usually all cash. To me, this indicates that we may have reached a peak. My own deals weren’t impacted though Black Monday did generate a few phone calls and emails from concerned investors.
Regarding China’s stock market jitters and its impact on US commercial real estate—if anything, my personal view is that property investment will accelerate in the coming months and years because the wealthy upper-middle class and the ultra-high net worth families are now thinking about asset allocation, diversification and wealth/capital preservation more than ever before. This China stock market crash is a wake-up call that one can’t put all their eggs in one basket when it comes to managing and preserving wealth.
GlobeSt.com: Are there any indications that Asian property investors in the Bay Area are beginning to pull back a bit?
Qiu: No, I see continued strong demand and acceleration of investors’ desire to invest in almost all asset classes and the demand is from both individuals, family offices, as well as large corporations, tech companies, funds and SOEs (State-Owned Enterprises).
For Part 2 click here!
CORFAC is pleased to announce that a record number of Next Generation members attended the 2015 Fall Summit in Minneapolis Sept. 9-12. The more than 15 Next Gen attendees provided some fresh perspectives and new energy to the organization’s second annual meeting of the year.
Special congrats to the Next Gen Scholarship winners who were also first-time CORFAC conference attendees, including: Morgan Pepper, The Klabin Company/CORFAC International; Ian Ameche, The Klabin Company/CORFAC International; Cole Sweatt, TRI Commercial/CORFAC International; Gabriel Galiothe, TRI Commercial/CORFAC International; Jesse Bauer, Pro Ten Realty/CORFAC International; Dino Alevizos, Shindico/CORFAC International; Jorge Lara, IVI Instrumentos/CORFAC International and Zach Meyer, The Zacher Company/CORFAC International.
CORFAC provided a range of opportunities for all Next Gen attendees to network including a roundtable lunch and “huddles” with CORFAC principals who shared their insights and perspectives on the business. Other Next Gen attendees included Adam Tarantur, Podolsky Circle/CORFAC International; Cale Berg, The Dickman Company/CORFAC International; Lucas Gaughan, The Gaughan Companies/CORFAC International; Michael Hussey, Podolsky Circle/CORFAC International; Marina Kukharenko, Bright Rich/CORFAC International; Kent McCoy, Centric Commercial/CORFAC International; Kevin Riley, Weber Wood Medinger/CORFAC International and Andy Swanson, Centric Commercial/CORFAC International.
Congrats to all Next Gen brokers on a great Fall Summit!
CORFAC International announced its annual Charlie King MVP Award, Thomas B. Hayes Award and Olen Monsees Award winners and the 2015 Standards of Excellence Award winners at its annual Fall Summit held September 9-12 in Minneapolis, MN.
CORFAC 2015 President Scott Savacool, CCIM, SIOR, (right) presented Tom Martindale, SIOR, President of San Francisco, CA-based TRI Commercial/CORFAC International, with the Charlie King MVP Award. Martindale received the award for his exemplary leadership as a member of CORFAC’s Executive Committee and past chair of its Communications Committee, among many other contributions he has made to the organization.
Charles B. “Charlie” King is one of the founders of CORFAC International, as well as the founder of King Industrial Realty/CORFAC International in Atlanta, GA. The award was created to recognize King’s dedication to CORFAC.
Savacool also presented the Thomas B. Hayes Award to Phill Tomlinson, a sales and leasing consultant with Commercial Properties Inc./CORFAC International in Phoenix, AZ. The Thomas B. Hayes Award was created to recognize a former CORFAC member who remained on the front-edge of technology in commercial real estate.
In recent years, Tomlinson has led best practices workshops and educational sessions at CORFAC conferences on social media, new industry apps and other technology trends.
Finally, James “Jim” E. Klements, CPA, SIOR, with Cleveland OH-based Weber Wood Medinger/CORFAC International was honored with the Olen Monsees Award. Named in honor of Olen Monsees (1940-2012), former president of Karbank Real Estate Company/CORFAC International in Kansas City, MO, the award recognizes an individual member who goes above and beyond the call of duty without being asked.
Throughout his distinguished career, Monsees worked with a natural sense of responsibility, without complaint or excuses. Klements has formerly served on CORFAC’s Executive Committee, has been a consistent leader in CORFAC for many years and is one of the organization’s top referring brokers in multimarket transactions.
2015 Standards of Excellence Awards
The Standards of Excellence Awards recognize CORFAC firms that exceed industry standards and consistently operate with the CORFAC values, mission and vision in mind. The winning firms are the CORFAC affiliates who participate the most in the CORFAC network, are recognized in the industry for their excellence and leadership and consistently represent the CORFAC brand. CORFAC International recognized seven firms in three categories: Platinum, Gold, and Silver. The winning firms are:
Platinum Award Winners
Patterson Woods Commercial Properties/CORFAC International – Wilmington, DE
Podolsky|Circle CORFAC International – Chicago, IL
Gold Award Winners
Joel and Granot/CORFAC International – Atlanta, GA
TRI Commercial/CORFAC International – San Francisco, CA
Weber Wood Medinger/CORFAC International – Cleveland, OH
Silver Award Winners
Piedmont Properties of the Carolinas/CORFAC International – Charlotte, NC
L. Mason Capitani/CORFAC International – Detroit, MI
Congratulations to all CORFAC 2015 Award winners.
Charlie King MVP Award: Scott Savacool, SIOR, CCIM, (R) and 2015 President of CORFAC International presented Tom Martindale (L), SIOR, with the annual Charlie King MVP Award.
Martindale is President of San Francisco, CA-based TRI Commercial/CORFAC International. He received the award for exemplary leadership as a member of CORFAC’s Executive Committee and past chair of its Communications Committee.
Charles B. “Charlie” King is one of the founders of CORFAC International (1989), as well as the founder of King Industrial Realty/CORFAC International based in Atlanta, GA. The award was created to recognize King’s dedication to CORFAC. Savacool is also a Senior Associate with St. Louis, MO-based Sansone Group/CORFAC International.
On behalf of TRI Commercial we are pleased to welcome Lawrence Chan to the San Francisco Office.
Lawrence Chan
Lawrence has a B.S. in Biochemistry from the University of California, Davis and an MBA from the Kellogg School of Management, Northwestern University and has spent the last 25 years in the biotechnology industry in sales and marketing positions. He is a proud native of San Francisco and lives in the city with his wife, Michaela, two children, Mila (9) and Kian (6), and Jax, the family cat.
Specialization
Through acquiring and managing a large portfolio of properties, Lawrence grew a passion for and specializes in Multi-Family investments and has become extremely well-versed in the San Francisco’s rent control ordinance.
Lawrence Chan
Investment Advisor
Direct: 415.268.2272
Fax: 415.268.2299
Lawrence.Chan@tricommercial.com
BRE License #01892831
Our San Francisco team donated gifts to the SF Fire Department’s Toys for Tots charity drive this year in lieu of a live Christmas tree. Happy Holidays!!
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