April 2022
Exelixis Building
Our build to suit Exelixis building (a build to suit is where a commercial property tenant enters into an agreement with a developer or landowner to construct a new, custom-built facility for lease. Once completed, the tenant typically becomes the sole occupant) has been sold and will show a pretty nice gain in Q1 of 2022. We were not expecting to sell this building until after we completed construction, however, an institutional investor liked what they saw and purchased the building with a small holdback until construction is completed later this Spring. Circa’s ownership percentage in this partnership was 13.5% of total equity.
Prescott West Oakland
Capital improvements are continuing at our West Oakland investment. The Kowbird restaurant opening was a success, with lines around the block. This is a great restaurant with fried chicken sandwiches as their specialty. Don’t pass up on the french-fries either as they are delicious.
Pittsburg RV & Boat Storage
We are still working through the CEQA process, solar power connection with PG&E, and reclaimed water hookup with Contra Costa County. Working with public agencies always seems to take longer than necessary. We still have our hopes to get shovels in the ground this July. When complete this 12.5-acre site will have 9.2 acres of paved area for 328 covered RV and Boat Storage Units, ½ acre of landscape, and 1,243 sf of office space. The covered units should generate roughly 2.5 Megawatts AC of solar power annually, which will power roughly 500 homes and businesses in the Pittsburg area. The approximate project cost will be $16 million. The rental range is between $160 – $280/month per covered stall. Now, I just need to find a good grading, paving, concrete, underground, and landscape company to do the work.
8 Bar Ranch, Clio Ca.
Capital improvements and maintenance catchup are continuing on the property. The property is ready for business development, and offsite training. Art Fink is taking some clients to the property next week. Cattle lease on the property has been captured increasing the net to property from $24k with the prior owner to a new lease of $72,000.
Brentwood Ford Facility
Thanks to the fast response from our McGuire and Hester Grading Group, we were able to pick up another tenant for the yard space. Our Grading Group improved the dirt lot and graded and imported A/B for a traffic control company. This property is now 100% leased out. The main tenant is Ford, who uses the shop and office building for training mechanics on new Ford vehicles.
San Leandro Facility
We are looking to close on at 22,000 sf industrial asset located in San Leandro later this week. More details with the next Voyage if this closes in our favor.