SAN FRANCISCO, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that California Plaza, a 378,696-square-foot class A office building in Walnut Creek, CA, is on the block for sale. Although sources involved would not comment on pricing, unidentified industry sources tell us that it could potentially fetch north of $100 million.
HFF will market the sale of the property on behalf of an institutional investor, for an undisclosed price free and clear of debt. The 10-story building is located at 2121 N. California Blvd. adjacent to the Walnut Creek BART station and visible from Interstate 680 due to the distinct architecture and elevated stature of the property.
Completed in 1985, the building has been institutionally maintained and features state-of-the-art building systems and a three-story subterranean parking garage. Situated on approximately 2.07 acres, the building is 89% leased to a variety of tenants including Blue Cross, Mass Mutual, Sutter Health, Principal Global Investors, Mutual of Omaha and New York Life Insurance.
The HFF investment sales team representing the seller is led by managing director Steven Golubchik, senior managing director Michael Leggett and director John Simerlein.
“With market rents significantly increasing in Silicon Valley and San Francisco, the North Interstate 680 Corridor is beginning to capture a growing number of tenants migrating into the submarket,” explains Golubchik. “Walnut Creek is one of the few markets in the Bay Area that provides the combination of a strong institutional ownership base, a stable and increasing tenant base and one of the highest barriers to entry.”
Additionally, he adds, “the market rarely sees institutional investors trade assets, which makes this a rare opportunity for prospective buyers to plant a flag in the submarket.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
