Meridian Exits Multi-Tenant Office Asset after 20 Months
- Sep 06, 2016
By Alex Girda
Pleasanton, Calif.—Meridian has successfully completed the sale process for one of its Bay Area office assets. The company closed escrow on the sale of The Atrium in Pleasanton, exiting the asset 20 months after purchasing it. The seller received $15.5 million for the office property, reflecting a cap rate of roughly 7 percent. The buyer was a private investor based in San Francisco.
Located at 5776 Stoneridge Mall Road in Pleasanton, the Atrium is a multi-tenant office building that offers a total of 74,000 square feet of space. The current seller completed capital improvements of roughly $1 million during its spell as owner, replacing roughly 60 percent of the tenant roster at the asset and improving revenue in the process. At the time of the transaction, the asset was fully leased.
Meridian was represented by Marcus & Millichap’s Vince Schwab and Collin White, while the buyer worked with Bay Properties representative Steve Song. The property was originally sourced for Meridian by Lee & Associates employee Simon Vogt, who also contributed to the leasing efforts conducted by the company.
Image courtesy of Meridian Property Co.