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9/02/16
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A San Francisco-based private investor has purchased The Atrium, a 74k sf, multi-tenant office building in Pleasanton. The asset, located at 5776 Stoneridge Mall Rd, sold for $15.5 mil, or $209/sf.
The property was sold by Meridian, who acquired the building in January of 2015. At the time of the acquisition, the building was 100% leased to over 50 tenants. The rents in the building averaged approximately 25% below the current market rents at that time. During its ownership, Meridian renewed or replaced approximately 60% of the tenants in the building. In addition, Meridian made over $1 mil in capital improvements to the interior and exteriors of the building.
The sale came in at a cap rate of just under 7%. Vince Schwab and Collin White of Marcus & Millichap represented the seller in the deal. The buyer was repped by Steve Song of Bay Properties in Oakland. Simon Vogt of Lee & Associates worked with Meridian in sourcing the property, as well as assisting in the leasing efforts during their ownership.
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