Legacy Partners seems to have developed an affinity for Bay Area office properties, as the company recently closed on yet another large buy in the region. In their latest purchase, the Foster City-based company acquired Ygnacio Center, a three-building, 500k sf Class A complex in Walnut Creek. It was sold by Fidelity Investments on behalf of their Pembroke Real Estate entity, which originally developed the asset. The price was not disclosed.
Legacy Ygnacio Center is situated adjacent to the Walnut Creek BART Station near the junction of I-680 and Hwy 24, three blocks from downtown Walnut Creek’s many retail, dining and entertainment options. It consists of a 156k sf high-rise at 1990 N. California Blvd, which was originally built in 1971 and includes an attached two-story structure built in 1980, along with Two Ygnacio Center, a 180.4k sf high-rise at 2033 N. Main St built in 1985, and Three Ygnacio Center, a seven-year-old, 162.9k sf building at 2001 N. Main St.
The complex features numerous desirable amenities, such as a Starbucks, an on-site 24-hour fitness center, two restaurants, security service and a 3.1/1,000 parking ratio. The campus offers sweeping views of Mt. Diablo, a mature park-like setting and floor-plates ranging from 6.8k sf to 13.5k sf in size. There have been substantial renovations to the center over the last few years, with some still underway, that include upgraded lobbies, corridors and elevators, in addition to new mechanical systems and an Energy-Star rating.
Jeff Weber and Russ Cooper of Eastdil Secured assisted in brokering the deal and arranging the financing for Legacy Partners, which currently has a portfolio of roughly 16.5 msf and valued at over $4 bil. The company recently closed on another notable office buy in the Bay Area, having acquired Hamilton Plaza, a 355.7k sf, two-building institutional-quality property located in the city of Campbell. They also just wrapped up a large buy in Southern California, having paid just under $100 mil for a vacant, 239.3k sf LEED-certified building at 800 Corporate Pointe in Culver City that is part of the 550k sf Symantec SoCal campus in LA’s Fox Hills area.
|
Printer-friendly Version
Email an Associate
Return to the previous page