Pine Grove LLC, a private Bay Area-based company, purchased Pine Grove, an 86,000-sf, five-building suburban office park in Orinda, for $26 million. According to Grubb & Ellis Company, the $300 per sf. price is the highest received for comparable office property in the East Bay in the past two years.
The property, which is 100% occupied, is located off Highway 24 between Oakland and Walnut Creek.
"Orinda is an upscale niche market in the Bay Area without a lot of commercial space. We knew we would get a good price for the property since the area is so unique," says Bill Liggett, a VP with Grubb & Ellis' Institutional Investment Group.
According to Liggett, more investors are turning to commercial real estate as the economy continues to struggle.
"This property makes a great long-term investment due to its established tenant base and lack of supply in the area. It's a perfect asset for the buyer, who is looking for a stable investment that will perform well. Given how the stock market has been performing lately, real estate is a very attractive investment alternative for many people looking for good returns," Liggett says.
Bill Liggett, Rick Steffens, Heath Charamuga, Bob Maderious, Erik Neese and Robert Cole of Grubb & Ellis represented the seller, MIG Realty Advisors, an institutional real estate company. George Harrison of Lee & Associates represented the buyer.
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