The Graham Court Business Park sold to Peter and Jenny Galea of San Francisco for a total $3.8 million. A group of investors named the Graham Court Association bought the property about three years ago for approximately $2.3 to $2.5 million. The buyer is a retired San Francisco businessman who bought the property from the Graham Court Association as an investment.
Although the property is fully leased now, about 20% of the total 48,360 sf of rentable space in the complex may be available in the next two to three years which would afford the new owners an opportunity to increase the NOI if market rates head up once again.
The 2.16-acre complex consists of four individual buildings on four lots ranging form 3,695 to 12,356 sf. Among the seven tenants in the complex are Lawrence Livermore Labs with just over 14,000 sf and Seaway Semiconductor with 12,236 sf.
Len Magnani and Chris Pearson of Lee & Associates-East Bay, Inc. represented the Graham Court Association as the seller.
Just a few weeks prior to this sale The Altamont Business Centre was sold to Harsch Investments LLC of Portland, Oregon for $14.3 million.
Pearson and Mark Pleis of Lee & Associates-East Bay, Inc. represented both the buyer and the seller, Ellis Partners Inc., in that deal.
Altamont Business Centre totals 151,139 sf in seven buildings. The project is 98 percent leased with 27 existing tenants. Leases adding up to 20,328 sf will expire this year affording the owner the opportunity to increase the NOI. In addition, Phase Two of the complex consists of three buildings on three parcels totaling 4.53 acres which means the buyer has the future flexibility to sell Phase Two buildings individually. Phase One consists of four buildings on 6.38 acres totaling 77,924 acres.
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