– City Storage Systems picks up Coca’s building: The Hank Coca’s Furniture Store building at Santa Clara and Third streets, originally built for the International Order of Odd Fellows, has sold for the second time this year.
City Storage Systems, founded by tech entrepreneur Sky Dayton and headed by Uber co-founder Travis Kalanick, acquired the 40,000-square-foot building Nov. 30 for $7.3 million.
Leisure Sports paid $6.5 million a few months before, acquiring the building from the Coca family, which had held it 61 years.
The building’s cornerstone reveals it was erected in 1885.
Leisure Sports, the seller, found a more suitable building to renovate for its fitness operations, the former Roos Atkins building at 2 N. First St.
City Storage Systems repurposes distressed real estate assets and turns them into spaces suited for food delivery or online retail uses, which fits into Kalanick’s CloudKitchens and CloudRetail enterprises.
Kalanick took primary ownership of City Storage Systems in March 2018 using his 10100 (ten one hundred) investment fund. Dayton also founded EarthLink, Boingo Wireless and eCompanies.
– New buyer for Saratoga Capital building: The 1880s building with the golden dome at East Santa Clara and Second streets was acquired by a San Mateo-based investment firm U.S. Real Estate Investments, LLC, for $14 million on Dec. 10.
Former owners Lift Partners and Westbrook Partners bought the building from Saratoga Capital in 2016. A bar, food and arcade games business called MiniBoss and Southeast Asian eatery SuperGood are slated to open in the next few months at Second and Santa Clara streets.
The 31,000-square-foot, two-story building extends from 52-86 E. Santa Clara St., and includes tenants Diaz Men’s Wear, Muchos!, HoM Korean Kitchen and Dive Bar.
The deal also includes the adjacent former Voodoo Lounge building on Second Street, which Chris Friese, principal of Lift Partners, said will likely be leased by a restaurant. The sellers got $451 per square foot.
Lift also sold the JC Penney building at First and Santa Clara building midway through that building’s restoration earlier this year. Jay Paul Co. purchased the Penney building and the Dohrman Building in SoFA at 325 S. First St. also from Lift-Westbrook. All three properties were part of the deal made between Lift and Saratoga Capital in 2016, for $33 million.
Cumulatively, Lift and Westbrook garnered $72.5 million for the three properties.
