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12/19/18
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Century | Urban, a real estate investment and advisory firm, acquired 2890 N. Main Street, a 42.7k sf office building located in Walnut Creek, for $12.3 mil ($288/sf). The three-story building is 94% leased with US Bank as its anchor tenant.
2890 N. Main benefits from a short walk to the popular Pleasant Hill BART Station and its proximity to a host of amenities including: Sprouts Market, Walgreens, 24 Hour Fitness and a significant retail amenity base. The property recently underwent a $1.5 mil capital renovation that included mechanical, lobby and restroom upgrades.
The combination of stable cash flow from a diversified tenant base, prominent corner identity and highly-coveted transit-oriented location, makes the acquisition a highly attractive investment opportunity, said Century | Urban Principal Bryant Sparkman.
NKF Senior Managing Directors Mike Zylstra, Forrest Gherlone and Seth McKinnon represented the seller, Graham Street Realty.
2890 N. Main is well-positioned to take advantage of tenant in-migration. Asking rent discounts between N I-680 and similar Class A markets such as San Francisco and Oakland are at an all-time high of 48% and 23%, causing tenants in San Francisco and Oakland to seek more affordable transit-oriented locations along the N I-680 corridor, said Zylstra.
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