PLEASANTON, CA—The sale of California Center, a 1-million-square-foot office campus located here in Pleasanton, CA, in San Francisco's East Bay, is a done deal. The seller was a global investment manager and the buyer was Swift Real Estate Partners.
According to JLL's capital markets team, when you pair declining vacancy, increasing rental rates and a limited supply of office properties for sale, investors will battle it out—something they say happened in this case. Managing directors Rob Hielscher and Michel Seifer and VP Aaron Herter led the JLL team on the transaction.
“The sale of California Center allowed the seller to take advantage of a very attractive capital markets environment, while Swift Real Estate Partners was able to obtain a class A office property in a tightening market at a significant discount to replacement cost,” says Hielscher. “California Center's premier location and near-term upside potential led to a very competitive bidding process.”
California Center features six office buildings, a state-of-the-art conference center, a 600-seat cafeteria, a fully equipped fitness center and an 8.4 acre site that is fully entitled for 305 residential units. The property is a short walk to BART, and there are also numerous retail and dining options within walking distance of the property.
Sources involved in the deal could not provide GlobeSt.com with any additional information by deadline, however reports put the price at around $160 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.