East Bay Office Complex Sales for $30M
- Apr 03, 2017
San Francisco—HFF has closed the $30.4 million off-market sale of Hookston Square, a two-building suburban office campus in the East Bay community of Pleasant Hill, Calif. In addition, HFF secured $21.5 million in financing for the buyer, Graham Street Realty.
HFF’s Associate Director David Dokko and Associate Garrett Calbert represented the seller, True North Management Group, and procured the buyer. HFF’s Director Jordan Angel and Associate Zachary Kersten worked on behalf of GSR to secure the three-year, floating-rate acquisition loan through a commercial bank.
The three-story identical properties, totaling 207,555 square feet, feature a common courtyard and newly renovated lobbies. Situated on a 9.5-acre site at 3478 and 3480 Buskirk Ave., just east of I-680 and close to State Route 24, the 1985 Class B buildings are within easy reach of downtown San Francisco. Tenants at the 87 percent leased complex include John Muir Health, Pacific Business Center, Accelrys, Maze & Associates and The Source Group. Paramount Property Co. will manage the property.
GSR plans to implement over $1 million in capital improvements, including modernizing elevators and upgrading roofs. Since its founding in 2008, the company has acquired over $113 million in office assets and currently owns and operates six properties totaling 730,000 square feet in California and Colorado.
Image via Yardi Matrix