Treat Station was built in 1984 and is a two-story, 29,600-sf multi-tenant office building, which includes a parking lot and covered parking area. The complex is nearly fully leased, with tenants including Fidelity Insurance Company, CMG Mortgage Company, and Experian Inc. Rental rates in the downtown Walnut Creek area range for $2.50 to $3.25 per sf.
Sean Cooley and J. Breck Lutz of Cornish & Carey Commercial-ONCOR represented Treat Plaza Office LLC, the buyer, and Pacific Walnut Creek Assets, the seller. The total sale price was $6.2 million with an 8.3% cap rate.Real estate experts report that vacancy rates in Walnut Creek will be slightly higher with the completion of Class A office space at Walnut Creek's Station Oaks and Ygnacio Center this year. However, rental rates are expected to stabilize by the end of the year.
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