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12/20/23
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Sierra Pacific purchased Concord Corporate Centre, a two-building, 346.7k sf corporate campus in the East Bay city of Concord. Although the price was not immediately disclosed, other news sources report the deal came in at $20 mil, or around $58/sf.
Located at 1320 and 1390 Willow Pass Road, the property was 73% leased at the time sale, with nearly 160k sf leased since 2020. The property also includes a 1,167-stall parking garage. Sierra Pacific plans on adding updated amenities and renovating the common areas of the property.
The campus is well-located with immediate access to the CA-242 and I-680 highways, and proximity to three Bart Stations catering to local employees and those who commute. The campus is near The Veranda, a mixed-use retail center featuring a Whole Foods Market and various upscale restaurants and retail chains such as, Yard House, MOD Pizza and Super Duper. Additional local retailers include Doppio Zero, Mikuni Sushi, Crepe la Fontaine and Mrs. Pho.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak represented the seller, Harbert Management Corporation.
“Concord Corporate Centre offers investors a unique opportunity to acquire a strategically positioned asset in Concord, fortified by a robust existing rent roll that provides resilient cash flow,” said Golubchik. “There is significant upside potential through tenant renewals and the lease-up of existing vacancies.”
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