The buildings are known by their addresses, 5000 and 7000 Marina Blvd. The property includes 473 surface parking spaces and is located within Sierra Point, a 102-acre master-planned commercial business park located adjacent to Highway 101 and surrounded on three sides by the San Francisco Bay.

The Wal-Mart lease runs through 2012. Wal-Mart keeps the headquarters for its online division in the buildings, but also subleases some of the space. Local industry sources tell GlobeSt.com that Wal-Mart leased the building at the top of the market, which would help explain the relatively high purchase price. One source says the rent may be enough for Shorenstein to get back the cash in the deal during Wal-Mart's term, but that Shorenstein may seek to negotiate a blend-and-extend deal with Wal-Mart and then re-trade it after a few years.

"This property is in an excellent location in a rapidly improving office submarket and has the added attraction of a long-term lease to a top credit tenant," says Shorenstein chairman Doug Shorenstein. "The acquisition provides both significant near-term income and longer-term upside potential… ."