Wick Polite of Seagate Properties, which is a partner in the joint venture, says that based on the configuration of the property and diversity of its product type, "after making a number of value-added capital improvements, we plan to re-sell the project on a building-by-building basis to 1031 exchange buyers, users, and local private investors. We consider Serramonte Plaza to be a very attractive investment as an overlooked and undervalued property with tremendous intrinsic value, including the opportunity to resell the individual parcels."

Serramonte Plaza contains more than 94,000-sf of office space (plus the underlying ground lease for a 48,500-sf office building) and nearly 80,000-sf of retail and restaurant space. Office space at Serramonte Plaza rents for about $2.95 per sf, full service.

The property is located off Interstate 280 at the intersection of Gellert and Hickey Boulevards, one-quarter mile south of Serramonte Center, a regional mall anchored by Macy's, Mervyn's and a newly relocated Target store.