PALO ALTO, Calif. & LOS ANGELES--(BUSINESS WIRE)--Canyon Capital Realty Advisors (Canyon Realty) has provided a loan to College Terrace Centre, LLC to construct an approximately 66,000 square foot LEED-certified mixed-use transit-oriented development, The College Terrace Centre (College Terrace) www.collegeterracecentre.com. College Terrace is a two and three story Class A steel framed development with underground parking, located on 1.4 acres fronted by El Camino Real in Palo Alto, just one block from the Stanford University campus and Stanford Research Park. Upon completion, College Terrace will feature a neighborhood grocery store, an open-air market area and retail shops, office space, a freestanding residential building comprised of eight units and ample on-site parking. The project will be developed by Twenty-One Hundred Ventures, LLC (TOHV), a development team based in Redwood City, California.
“College Terrace presents a unique opportunity for Canyon Realty to invest in one of the most coveted addresses in the Bay Area,” said Marti Page, Director at Canyon Realty. “The development’s proximity to Stanford University and the Stanford Research Park provides a dynamic environment for prospective retailers and office users.”
Palo Alto and its surrounding submarkets constitute the heart of the internationally renowned Silicon Valley, one of the most affluent, well-educated markets in the world, and home to technology leaders including Google, Apple, Facebook, Cisco, Yahoo! and LinkedIn. College Terrace sits in a prime location just four blocks from the popular Page Mill Road and Sand Hill Road, home to a number of prominent employers’ headquarters, including Hewlett Packard, Tesla Motors, and numerous high-profile venture capital and law firms.
College Terrace is bound on the immediate south by Stanford Research Park and on the immediate north by Stanford University and Medical Center, making it a convenient location for students at the University and professionals in the surrounding areas. The Stanford Research Park has a world class reputation as one of the largest and best-known research parks in the world. The park's 162 buildings hold 23,000 employees who work for 140 different companies. The medical campus, which is already sizeable, is undergoing an expansion project that is estimated to cost between $3 – 5 billion.
“We are pleased to be working with an experienced lender like Canyon Realty, and are very excited about the retail and commercial opportunities that the completion of College Terrace will bring to the area,” said Shawn-Patrick Smailey, Principal at TOHV. “We have a strong team in place to develop College Terrace into an integral part of the flourishing Palo Alto community.”
In addition to having 7,000 square feet of retail space, 45,000 square feet of office space, 9,000 square feet of grocer space, eight below market rate apartments, and 218 subgrade parking spaces, College Terrace has 300 feet of El Camino Real frontage, which generates a traffic count of over 52,000 cars per day. The site offers easy access to both Highways 101 and 280, and is also proximate to the California Avenue Caltrain station that provides transportation into San Francisco.
Slated to begin construction in spring 2014 with a delivery date of August, 2015, the project has assembled an experienced team to complete the development, including Blach Construction, a local contractor headquartered in Santa Clara, California with an extensive track record in the Bay Area, and Carrasco & Associates, an experienced architect with a long list of Palo Alto projects.
About Canyon Capital Realty Advisors
Canyon Capital Realty Advisors LLC is the real estate direct investing arm of Canyon Partners, LLC. Founded in 1990, Canyon Partners and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Realty funds focus on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since its formation, Canyon Realty has completed over $6.0 billion of investments involving commercial real estate and mortgage assets with a total value of over $14.9 billion.
About Twenty-One Hundred Ventures, LLC
Twenty-One Hundred Ventures, LLC is a Northern California based development firm whose Managing Members bring more than 60 years of combined experience in Real Estate Development, Asset Management and Brokerage. In their professional endeavors, the team has successfully developed, leased and managed in excess of $4.5 billion of assets throughout the Western United States with the majority of those assets located in Northern California. firstname.lastname@example.org