Congratulations to the Winners of the 9th Annual Best of the Bay Awards!
NAIOP SFBA brought back its Best of the Bay Awards with the 9th annual event on Thursday, March 2, 2023, at the Four Seasons in San Francisco. Matt Field, President of TMG Partners, served as master of ceremonies and kept his predecessor, Luis Belmonte’s tradition alive by employing his infamous gong.
Lively and upbeat, the Best of the Bay is a unique commercial real estate awards competition which features attendees picking the winners in real time using keypads. As each award category is introduced, nominees give a creative pitch to steer votes in their direction. If they fail to wow the audience or drone on too long, they get gonged.
The biggest award of the night, Development of the Year, went to SKS Partners and Prado Group for 2130 Third Street, The Nancy Friend Pritzker Psychiatry Building in San Francisco.One of the first facilities in the nation to embed mental health services in a general health care system, the building seeks to elevate the status of psychiatry within the medical world and eradicate the stigma often associated with mental health.
Highlights include:
- LEED Gold Certified
- 173,000 square feet of medical space
- UCSF’s first integration of pediatric and neurological services within a mental health outpatient facility – quadrupling market access to mental health services in the Bay Area, while accelerating scientific discovery of improved treatments and prevention.
- The facility was made possible by a nearly $60 million gift from philanthropists John and Lisa Stone Pritzker
The Diversity Champion Award went to Presidio Bay Ventures for the scholarship program they developed in collaboration with Operation Genesis, a non-profit based in San Francisco’s Bayview District that mentors college-bound students. The 10-week summer program annually offers 12 participants the opportunity to learn about the major disciplines and career pathways within real estate and culminates in a real-life development case-study
competition centered on an actual mixed-use project. Members of the winning team receive a four-year merit-based academic scholarship to support the cost of undergraduate tuition and living expenses.
Ayrika Ng of EQ Office was honored as Developing Leader of the Year. In her role at EQ she manages the investments team across the US.
She is a graduate of the NAIOP SFBA Young Professionals Group (YPG) Program, and as a member of Chapter’s I.D.E.A. Committee, she helped create the ARGUS Certification Diversity Scholarship Program. Before joining EQ in July 2022, Ng spent nine years at Shorenstein Realty Services where she helped develop their Internship Program. Additionally, she serves as Co-Chair of the Membership Engagement Committee for ULI SF.
Category winners:
Industrial Transaction of the Year
4800 Midway, Vacaville
Highlights
- 100% leased to Amazon for 10 years
- Brand new state-of-the-art construction: 40’ clear heights
- One of two XL Fulfillment Centers in NorCal
Key Transaction Facts
- Warehouse/Distribution facility
- Price: $110,500,000 ($180 PSF)
- Cap Rate: Sub 4%
Buyer: Nuveen
Seller: LDK, PCCP
Broker: Cushman & Wakefield
Office/Life Science Transaction of the Year
Creekside Plaza, San Leandro
Highlights
- 98% leased, anchored by County of Alameda
- One of the newest Class A, BART-oriented office properties in Alameda
- Entitled office development site
Key Transaction Facts
- 3 Building Office Campus
- Price: $164,000,000 ($720 PSF)
Buyer: Boyd Watterson
Seller: Creekside Development
Broker: Cushman & Wakefield
Multi-Family Deal of the Year
Burbank Apartments, Santa Rosa
Highlights
- 74 Duplexes on Individual Parcels Creating 148 units
- Community Based – large 2- and 3-bedroom units with look and feel of single family
- Used CA ADU Laws to increase density to provide housing following historic fires
- JV equity signed and closed in 60 days
Key Development Facts
- Broke ground late Summer 2022, first deliveries slated for 2024
- Financing provided by Vertical and Horizontal Dollars
Developers: Synergy Communities
Financing Brokers: Gantry
Equity: Walker and Dunlop Investment Partners/BGO
Construction Financing: Poppy Bank
Most Creative Financing Transaction of the Year
1900 Broadway, Oakland
Highlights
- 39 story tower with 452 units and 57,000 RSF office; + $348million
- Directly Above 19th Street BART in Uptown Oakland
- 8 tranches of capital: GP, Co-GP, LP, Preferred Equity, EB-5 Priority Capital, EB-5 Mezz, and Senior Construction Debt
Key Transaction Facts
- $175 million senior construction loan
- $85 million pref equity investment with EB-5 Bridge features
- $100 million+ in EB-5 raised to-date by Behring Regional Center, available for investment into 1900 Broadway
Developer: Behring Companies
Investor: ZRT & Essex
Lender: Bank OZK
Broker: NorthMarq
Industrial Lease of the Year
27279 and 27317 Industrial Blvd, Hayward
Highlights
- 71,000 SF Industrial Manufacturing and Warehouse building
- 3.4-acre site with two buildings purchased off market
from a previous owner-user in September 2021
- The two buildings have 22’-24’ foot clear with 28 dock doors
and 1 grade door
Key Transaction Facts
- Tenant: Consumer Electronics Manufacturer
- Full project (71,000 SF) Lease finalized in September 2022
- Rate of $1.55 PSF NNN
- $3M build to suit improvements
Broker: Lee and Associates
Owner: Lift Partners
Office/Life Science Lease of the Year
600 Battery (Jackson Square), San Francisco
Highlights
- New lobby, roof deck, exterior paint & market ready improvements
- Full building lease in vacant building
- Renovations & lease transacted in uncertain times during the pandemic
Key Lease Fact
- Square Footage:124,547 SF
Landlord: TMG Partners & Invesco Real Estate
Tenant: Ripple Labs, Inc.
Landlord Broker: CBRE
Tenant Broker: JLL
