Located at 1450 Treat Blvd. in Walnut Creek, the building sits on 5.7 acres along the I-680 Corridor. The number of years remaining on the bank's lease was not provided by the paties involved and Contra Costa County would not provide the related recorded documents in a timely fashion. Local industry sources tell GlobeSt.com the remaining lease term is less than 10 years and the cap rate is "nowhere close to 10%," which, if accurate, means Beard Land will come nowhere close to fully amortizing its investment without renewing the lease or releasing the space.

Beard Land Improvement owns about 4 million sf of buildings in and around Modesto and is the developer of the 2,000-acre Beard Industrial District in southeast Modesto. Why the company is making office investments in Walnut Creek could not be determined. The company declined to discuss the transaction. Its broker, GVA DAUM senior vice president Charles Gardner, also declined comment, citing client request, and the seller's broker, Bruce could not be reached for comment.

The I-80 Corridor encompasses more than 8.7 million sf of class A office space and maintains the highest average Class A rental rate ($27.41-per-sf) and the second-lowest Class A vacancy rate (10.7%) in the East Bay market, GVA DAUM. "This acquisition gave the buyer, which has previously been active in the greater Modesto area, an opportunity to expand to one of the strongest office markets in the East Bay area," says Gardner in a prepared statement.