July 2022
The following properties are investments we have made through our real estate development company, Circa ’26, Inc.
Exelixis Building Build-to-Suit,
1951 Harbor Bay Pkwy, Alameda CA
Our build-to-Suit 4-story 220,000 SF office building for Exelixis was sold for a substantial gain in Q1 of 2022. We were not expecting to sell this building until after we completed construction; however, an institutional investor needing to complete a 1031 Exchange liked what they saw and purchased the building with a small holdback until construction is completed later this summer. Circa’s ownership percentage in this partnership was 13.5%.
Industrial Building, 665 Whitney St., San Leandro CA
Circa’s 90% interest in this property with a purchase price of $4.7m consists of 22,129 sf of industrial space and off-street parking. Our business plan with this property includes a moderate renovation including resurfacing/restriping the parking lot, painting the exterior, removing all bars from windows and point of entry, replacing lower-level storefront windows and doors, deep clean warehouse floors, adding skylights and high-bay lighting, paint the interior ceiling and construct new bathrooms and 1,500 of office space. After renovation, we will lease it to an industrial or advanced manufacturing type user. A primary leasing advantage will be speed to market, which is a primary consideration for prospective tenants today.
Prescott West Oakland
Capital improvements are continuing at our West Oakland investment. Circa’s 88.9% equity interest in this investment consists of four separate acquisitions as follows:
- 18th and Campbell, 43,760 sf, 1.54 acres
- 1800 –1809 Peralta, 29,882 sf
- 1733 Peralta Oakland, 9,446 sf
- 1917 –1933 Peralta, 36,989 sf
Our business plan includes moderate renovations of existing buildings. 1733 Peralta renovation is complete and tenant Kowbird Restaurant has moved in and is fully operational.
Pittsburg RV & Boat Storage, Pittsburg CA
Circa’s interest in this property is 92.5%. Our business plan for this 12.5-acre site will include 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. Our project was finally approved by the City of Pittsburg and reclaimed water authorization from Contra Costa County. We are still working through the solar power connection with PG&E. We hope to get shovels in the ground later this year.
8 Bar Ranch, 1245 Carmichael Rd, Clio CA
Circa’s interest in this 586-acre property is 71.6%. Highlights of the property include; 3,240 sf stable, 2,826 sf riding arena, 2,792 six-bay shops, 16,350 sf lodge, 5,512 sf bunkhouse, 1,536 sf carriage house, 480 sf gazebo, caretakers cottage, tennis court, wine caves, 14 ready to build home lots, 2,400 sf hangar, furnishings, ranch equipment, cattle and sheep pastures and most impressive of all, abundant year-round spring water. The business plan for this investment is to maintain the property, make some capital improvements, sell some of the ready-to-build house lots, negotiate market rate leases on the pastures and sell in 3 –5 years. In the meantime, it is open for business development, and offsite training for all Harbor Linx family of Companies. The property can also be rented for personal use. Below are pictures of the leadership training that Casey Fogli recently did on the property.
Ford Training Facility, 2185 Elkins Way, Brentwood CA
Circa owns 100% of this 2.5-acre property. Highlights include 9,231 sf industrial office and shop building. 1.5 acres paved and gated yard area and bonus 1-acre future development site. Ford Motor Company is the tenant and uses the property as a showcase West regional training facility for Ford technicians.
Company Headquarters, 2810 Harbor Bay Pkwy, Alameda CA
Circa owns 100% of this owner-occupied 22,000 sf office building. This is the headquarters for Harbor Linx, McGuire and Hester, and Circa. Highlights of the building include a large training room, break room, outside social area, large conference rooms, and a beautiful two-floor open-air lobby.
