{"id":530,"date":"2022-07-11T05:00:06","date_gmt":"2022-07-11T12:00:06","guid":{"rendered":"https:\/\/voyagestaging.wpengine.com\/?p=530"},"modified":"2025-01-30T10:26:57","modified_gmt":"2025-01-30T18:26:57","slug":"circa-26-real-estate-updates","status":"publish","type":"post","link":"https:\/\/harborlinxnews.com\/?p=530","title":{"rendered":"Circa 26 Real Estate Updates"},"content":{"rendered":"\n
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July 2022<\/p>\n\n\n\n

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The following properties are investments we have made through our real estate development company, Circa \u201926, Inc.<\/p>\n\n\n\n

Exelixis Building Build-to-Suit, <\/strong>
1951 Harbor Bay Pkwy, Alameda CA<\/strong>
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\u2019s ownership percentage in this partnership was 13.5%.\u00a0<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Exelixis Building<\/figcaption><\/figure>\n\n\n\n

Industrial Building, 665 Whitney St., San Leandro CA<\/strong><\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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Industrial Building<\/figcaption><\/figure>\n\n\n\n

Prescott West Oakland<\/strong><\/p>\n\n\n\n

Capital improvements are continuing at our West Oakland investment. Circa\u2019s 88.9% equity interest in this investment consists of four separate acquisitions as follows:<\/p>\n\n\n\n