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East Bay Business Parks Trade Hands

LIVERMORE, CA-Two multi-tenant industrial-office parks encompassing a total of more than 200,000 sf have changed hands over the past two months. The new owners hope to increase NOI by raising rents as tenants rollover in the next few years.

By Marsha Trent | Updated on June 07, 2001

LIVERMORE-Two multi-tenant leased industrial/office parks here totaling more than 200,000 sf have new owners this month.

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.

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