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Bank of the West HQ Changes Hands for $42M

WALNUT CREEK, CA-A Modesto, CA-based industrial property and leasing company acquires a 140,000-sf office building here that serves as the corporate headquarters for Bank of the West.

By Brian K. Miller | Updated on September 15, 2005

WALNUT CREEK, CA-Beard Land Improvement Co., an industrial property development and leasing firm based and heretofore focused on Modesto, CA, has acquired a single-tenant 140,000-sf office building here for $42 million or $300 per sf, according to the buyer’s brokerage firm. The building serves as the headquarters of Bank of the West. The seller is being described only as a private partnership.

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.

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