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Galaxy Office Park Changes Hands

CONCORD, CA-A fund sponsored by Transwestern Investment Co. acquires the two-building, 173,000-sf complex from SRS Development.

By Brian K. Miller | Updated on April 17, 2008

CONCORD, CA-Aslan Realty Partners III LLC has acquired Galaxy Office Park, a two-building, 173,000-sf complex here, according to Transwestern Investment Co., the sponsor of the $800-million institutional equity fund. The seller was SRS Development of Walnut Creek, CA.

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.

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