OAKLAND, CA-Tiburon Capital sold the 205,000-square-foot Edgewater Park Plaza “essentially because debt was coming due,” according to a source close to the deal. Polidev International LLC purchased the four-building office park for $12 million.
Golubchik, a vice president of the private capital markets group, along with Seth McKinnon, a vice president of the private capital markets group, and Edward Suharski, executive vice president of the institutional capital markets group, at Grubb & Ellis Co. represented both parties in the transaction. Christopher Johnke, senior vice president, and Cale Miller, senior associate, also assisted the buyer in the transaction. David Christensen, senior vice president of Grubb & Ellis’ debt and equity finance group, handled the financing.
According to Golubchik, this was “an excellent acquisition opportunity for a value-add investor with a long-term hold strategy.” He points point out that “It was extremely rewarding to facilitate the sale amidst today’s commercial real estate environment and we are pleased to have completed it on behalf of our clients.”
Located at 7700 Edgewater Dr., Edgewater Park Plaza was approximately 40% leased at the time of closing and is currently home to more than 50 tenants, including the Girl Scouts of America. It is within close proximity to the Oakland International Airport and the Wal-Mart-anchored Hegenberger Gateway Shopping Center.
Completed in 1976, the property offers street visibility, onsite property management and onsite storage. The grounds also include landscaped courtyards and water features that “create an inviting business park environment,” according to a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
