Located in the East Bay, Galaxy Office Park was developed by SRS Development in the mid-1980s. The four-story complex was 89% leased at the time of sale The sale price was not immediately available. Transwestern will manage the property and MCC Realty Group will handle leasing.
SRS brought the properties to market in early 2007, according to a Cornish & Carey newsletter from mid-2007. An executive from SRS could not be reached Thursday for comment on what caused the delay in selling the complex. Other deals have been delayed by the increased equity requirements of lenders.
The acquisition gives Aslan Realty Partners III two assets in Concord. In August 2007, Transwestern on behalf of the fund reportedly paid Blackstone Realty Advisors $99 million for One and Two Corporate Center, a 330,000-sf mid-rise office development. At the time of the sale, more than 86% of the two buildings' leases were set to expire by the end of 2010, according to Jones Lang LaSalle, which brokered the sale.
Transwestern Investment is a Chicago-based sponsor of a series of institutional equity fund vehicles. The funds' current equity portfolio includes 60 office and 10 retail properties totaling 19 million sf, as well as 11 multifamily assets with 3,800 units. Fund investors include insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families.
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