Four-Building East Bay Office Campus Trades for $152M
The 596K SF complex occupies a prime site near I-680 interchange.
A four-building office campus with a prime location in the East Bay city of Pleasanton has traded for $151.8M, a deal that includes 1.2 acres of land.
Nome Capital Partners, a South Bay real estate firm acting through an affiliate, led the buying group for Pleasanton Corporate Commons, a campus that encompasses 596K SF.
The office complex is located on Stoneridge Mall Road, across the street from the 1.5M SF Stoneridge Shopping Center in proximity to the Interstate 680 and Stoneridge Drive interchange. The campus is less than a mile from the Dublin/Pleasanton BART station.
TPF Equity REIT, which is affiliated with Connecticut-based UBS Realty Investors, sold the campus, according to a report in SiliconValley.com.
The seller provided the Nome Capital-led buying group with a $35M loan at the time of the purchase. Nome Capital Partners also secured a $65.8M loan from lenders Citi Real Estate Funding and Bank of America to help finance the acquisition, the report said.
According to the Alameda County Assessor’s Office, the purchase price for the property was about 34% below the assessed value of $229M as of early 2023.
Tenants at Pleasanton Corporate Commons (PCC) include 10x Genomics, Blackhawk Network and Workday.
PCC was built in 2001, with five-story buildings designed by architectural firm Hellmuth, Obata + Kassabaum (HOK). The campus was the first in the East Bay to receive a LEED Platinum EB designation from the U.S. Green Building Council, according to its website. Milpitas-based Nome Capital Partners has launched several funds that own properties in California. In 2021, a Nome Capital affiliate paid about $80M for a 127K SF office building at 1310 Harbor Bay Parkway in Alameda. According to its website, Nome Capital has a portfolio totaling $794M.
“Our founders began investing their personal capital in real estate after the 2008 financial crisis to diversify their holdings and take advantage of mispriced commercial real estate across California,” Nome Capital said on its website.