Hacienda is reporting nearly 250,000 square feet of transactions for the year as of the close of the third quarter with more activity expected before the end of 2018. While some declines in occupancy have been seen over the last few months, these conditions are expected to change soon with recent investment and current market space requirements that are likely to be fulfilled within the development. The park is the largest mixed-use development of its kind in Northern California.
“2018 has been a good year for new investment in Hacienda,” said James Paxson, Hacienda’s general manager. “While there have been some occupancy declines in some products, these are likely to be temporary. The largest factor contributing to vacancy at the moment is the recent departure of Veritiv. However, with new investment recently made in the premier, strategically-located logistics facility that they occupied, there is every expectation that this vacancy will soon be filled. Additional demands for space that are currently in the market are also likely to be met with a Hacienda address.”
Several significant transactions occurred during the Third Quarter. Major leases and acquisitions were initiated by companies in a variety of business segments, including: Neotract (expansion and relocation), Bosch Rexroth Corporation, Farmers Insurance (relocation), and Quotient.
Construction activity is now completed on renovations to 5900 Owens Drive for the new Starbucks facility and construction is nearly completed on the 94-unit Andares residential project on W. Las Positas Blvd. Major building renovations and construction are continuing for new tenants at 5901 Coronado Lane, 4155 Hopyard Road, and at the Rosewood Commons facility.