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group of corporations, nonprofits, public agencies, and private investors have been aggressively buying up properties across the Bay Area. According to an analysis by the San Francisco Chronicle, the five largest buyers from mid-2023 to this summer are Flannery Associates, Brilliant Corners, Apple, Marin County Open Space District, and investors Kenneth Mattson and Timothy LeFever.
Flannery Associates, a Folsom-based company backed by Silicon Valley billionaires, is the biggest buyer. It has purchased at least 57 parcels of land in Solano County, totaling over 55,000 acres across more than 300 properties. The firm plans to build a utopian city with clean energy and public transportation, but its proposal was met with community opposition.
Mattson and LeFever, two Sonoma County developers, have also been active buyers, purchasing at least 15 properties in Sonoma County during the period. However, their partnership has soured, with LeFever accusing Mattson of financial misconduct and the FBI raiding Mattson's home.
Brilliant Corners, a San Francisco-based nonprofit providing supportive housing, bought several properties in Solano and Marin counties. Apple acquired at least two office buildings in Santa Clara County, increasing its Bay Area portfolio to 23 parcels with an assessed value of $2.2 billion.
The Marin County Open Space District purchased several properties during the period, expanding its holdings to over 225 properties across Marin County.
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Indicators of activity in the commercial property market
Increased competition for office space, EV market growth in Norway, and diners choosing budget-friendly options.