Bay Area Office Campus Changes Hands
- May 17, 2017
PCCP LLC and Align Real Estate formed a joint venture to acquire a 236,122-square-foot, Class A office facility in Walnut Creek, Calif., from Northwestern Mutual Life Insurance. The asset consists of two buildings, one seven-story and one five-story. According to Yardi Matrix, the property changed hands for a little over $66.5 million. Walnut Creek Center was 96 percent occupied at the time of the transaction.
The asset features 1,500 square feet of retail space and more than 680 parking spaces. Amenities at Walnut Creek Center include a conference room, a fitness center, bike storage and electric vehicle charging stations. Located at 100 and 200 Pringle Ave. within San Francisco’s East Bay submarket, the property is within walking distance of the Walnut Creek BART Station.
“This was an ideal opportunity to acquire a well-leased office asset in a key Bay Area submarket,” Erik Flynn, PCCP managing director, said in prepared remarks. “Our joint venture plans to add more value by investing approximately $3 million in capital upgrades.”
Planned improvements at Walnut Creek Center include enhancing street frontage and offering outdoor amenities on the third floor deck.
Image courtesy of Align Real Estate