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6/29/17
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In a recent office sale from the Bay Area, Robert Wheatley Properties has purchased 855 Oak Grove, an 18.4k sf office building located in the heart of downtown Menlo Park. The property was sold by Oak Grove Associates LLC for $15.5 mil, or $842/sf.
The two-story office building was constructed in 1965 and is currently 94% leased. 855 Oak Grove provides tenants convenient access to Caltrain as well as downtown Menlo Park’s growing number of restaurants, retail and new residential developments.
The property is situated in a premier location near the intersection of Santa Cruz Ave and Crane St. Directly adjacent to the building is a Menlo Park city owned surface parking lot offering free parking. There is street parking also available.
CBRE’s Scott Prosser, Seth McKinnon and Jack DePuy represented the seller in the transaction.
Just south of Palo Alto, Menlo Park and the surrounding submarkets have some of the lowest vacancy rates and highest lease rates in the San Francisco Bay Area, according to CBRE. Acquisition opportunities are extremely rare in Downtown Menlo Park, with many owners being long term holders due its Silicon Valley/San Francisco Peninsula proximity. With access to Caltrain (one half mile away), Stanford University and a significant amount of venture capital, market fundamentals are expected to remain strong into the foreseeable future.
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