NEWS & NOTABLES

SAN FRANCISCO—CBRE Group Inc. has hired Rob Bickel to the CBRE Capital Markets' Corporate Capital Markets team as EVP. Based in San Francisco, Bickel will provide consulting, structuring and capital markets execution expertise to corporate clients, private equity sponsors and investors of single tenant investment properties. Bickel and will help expand the firm's Corporate Capital Markets business in the western U.S. and nationally. He joins the firm from JLL, where he served as managing director in the corporate finance and net lease group.

DEAL TRACKER

SAN FRANCISCO—Continental Partners secured $5.3 million in bridge to mini-perm financing for a 7,500 square-foot office to multifamily micro-unit conversion in the financial district in downtown San Francisco. Due to the high cost of new construction and rising rental rates, San Francisco's affordability crisis continues to place enormous pressure on renters. As demand for more affordable housing options continues to outpace supply, some investors are capitalizing on this demand by converting existing office space into more affordable micro-units. The sponsor intends to invest nearly $2.2 million to perform a complete gut rehabilitation of the office building. Planned improvements include partitioning the space into micro-units, and completing modern finishes that will appeal to millennial renters in this market.

EUGENE, OR—The Shoppes at Gateway has changed hands. The seller was Rouse Properties, LLC. The 821,564-square-foot institutional-quality, grocery-anchored shopping center is located at 3000 Gateway Street in Springfield, OR. An affiliate of Balboa Retail Partners purchased the asset. The center is anchored by Target, Walmart Neighborhood Market, Cabela's, Kohl's, Cinemark and Sears. The Shoppes at Gateway features national tenants including Marshalls, Ross, Petco, Ulta, Hobby Lobby, Ashley Furniture and a number of fast casual restaurants.

JLL Managing Director David Monahan and Executive Vice President Geoff Tranchina represented the seller in the transaction.

This week in the North West region, tech workers might want to think about relocating Seattle if they believe the latest report from Zillow. Check out all the news you might have missed below.—Natalie Dolce

BY THE NUMBERS

PORTLAND—A recent west coast condo market trend report from the Mark Co. shows that new condominium sales in San Francisco spiked from 18 sales during January to 95 sales last month. “Early indications from Sales Centers are that the Spring rally has begun. The Downtown Seattle Condominium Pricing Index increased by 5% last month and is now 22% higher than the same month one year ago,” the report says. “The dramatic increase in prices is fueled by extremely low inventory levels.”

SEATTLE—According to the latest Zillow report, there's a good reason thousands of technology workers are flocking to Seattle: the math works out. Tech workers who rent in Seattle can expect to have around $5,500 left over each month after covering taxes and rental housing costs. In San Francisco, they're left with about $4,000.

NEWS & NOTABLES

SAN FRANCISCO—CBRE Group Inc. has hired Rob Bickel to the CBRE Capital Markets' Corporate Capital Markets team as EVP. Based in San Francisco, Bickel will provide consulting, structuring and capital markets execution expertise to corporate clients, private equity sponsors and investors of single tenant investment properties. Bickel and will help expand the firm's Corporate Capital Markets business in the western U.S. and nationally. He joins the firm from JLL, where he served as managing director in the corporate finance and net lease group.

DEAL TRACKER

SAN FRANCISCO—Continental Partners secured $5.3 million in bridge to mini-perm financing for a 7,500 square-foot office to multifamily micro-unit conversion in the financial district in downtown San Francisco. Due to the high cost of new construction and rising rental rates, San Francisco's affordability crisis continues to place enormous pressure on renters. As demand for more affordable housing options continues to outpace supply, some investors are capitalizing on this demand by converting existing office space into more affordable micro-units. The sponsor intends to invest nearly $2.2 million to perform a complete gut rehabilitation of the office building. Planned improvements include partitioning the space into micro-units, and completing modern finishes that will appeal to millennial renters in this market.

EUGENE, OR—The Shoppes at Gateway has changed hands. The seller was Rouse Properties, LLC. The 821,564-square-foot institutional-quality, grocery-anchored shopping center is located at 3000 Gateway Street in Springfield, OR. An affiliate of Balboa Retail Partners purchased the asset. The center is anchored by Target, Walmart Neighborhood Market, Cabela's, Kohl's, Cinemark and Sears. The Shoppes at Gateway features national tenants including Marshalls, Ross, Petco, Ulta, Hobby Lobby, Ashley Furniture and a number of fast casual restaurants.

JLL Managing Director David Monahan and Executive Vice President Geoff Tranchina represented the seller in the transaction.