NEWARK, CA-A pair of investors has purchased, a 109,200-square-foot office building in this Bay Area suburb for $9 million.
According to the San Francisco Business Times, the buyers, Ridge Capital Investors LLC and Contrarian Capital Management LLC, acquired three-story Balentine Park through a trustee sale after the previous owner was foreclosed on for a $19.6 million loan.
The new owners plan to invest millions into renovating and upgrading the office complex, which was about 70% occupied when it was foreclosed on.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
