Completed in 1984, 3553 North First Street is located on the corner of North First Street and Rio Robles, between two other CarrAmerica properties and one-half block south of a Light Rail substation. The building is 60% one-story and 40% two-story, with 10 to 15 foot ceiling heights.
CarrAmerica estimates a first-year GAPP return of 2.2% and, when leased up, a stabilized GAAP return of 9.9%. These expected yields reflect a four month leaseback to NetIQ and speculative leasing of the building thereafter, according to CarrAmerica. According to NetIQ, no rent is being charged for the leaseback. CarrAmerica's Northern California managing director Christopher Peatross was not immediately available Friday morning for comment.
The property is located between two other CarrAmerica properties, 3571 North First Street and Rio Robles Technology Park, "allowing us tremendous flexibility to accommodate the diverse needs of tenants seeking space in the North First Street Corridor," says Peatross in a prepared statement. The building already has new interiors, he says, and "we plan to renovate the exterior, which will upgrade the entire project to Class A status."
The building already has new interiors, he says. Other amenities including tennis, bocce and basketball courts; a fitness center with shower facilities; a cafe; and an outside patio with a built-in barbeque. The listing brokers in this transaction were John Brady of CRESA Partners and Gregg von Thadden of Colliers International. Brady was not immediately available Friday morning for comment.
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