by Mike Kirner
661,319 sq ft Portfolio Includes 14 Office Buildings
Cushman & Wakefield has acted as the exclusive advisor on the sale of the Sleepy Hollow Investment Company’s Bay Area Office Portfolio. The portfolio, which sold for approximately $130 MM, is a collection of multi-tenant office buildings located in several key submarkets throughout the San Francisco Bay Area. It encompasses 661,319 square feet of office space spread across 10 properties and is comprised of 14 separate office buildings located on over 32 acres of land.
Presently, the portfolio is 92% occupied and its 132 tenants represent a wide variety of industries. The properties are located in the East Bay, Silicon Valley and the North Bay. The cities in which the various properties reside are Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara. The portfolio featured Class A Office buildings including The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek.
Representing the seller on behalf of Cushman & Wakefield’s Capital Markets were Eric Fox, Michael Speers and Steve Hermann. Local market advisory was provided by Cushman & Wakefield’s Whiff Collins.
The portfolio was sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey, and Long
Market Property Partners.
“One of the unique aspects of this project was managing simultaneous negotiations and sales,” stated Eric Fox, Executive Managing Director,
Cushman & Wakefield. “Marketing a geographically diverse portfolio required our team to access both institutional and private capital markets. The marketing team’s ability to expand the buyer pool mitigated transaction risk and increased value,” Fox added.
All of the properties in the portfolio feature buildings with superior construction standards, efficient floor plates, and competitive parking ratios. The properties are located in multiple submarkets, with the typical asset enjoying immediate access to key regional freeways along with proximity to amenities, residential communities and surrounding business centers.
“I’m very proud of a terrific 25 year run with this portfolio for my investors and my team. We achieved incredible returns despite several difficult market cycles, and we thrived in multiple locations. Our tenure culminated in a timely exit, with a great execution by the Cushman team to quality buyers who will do a wonderful job with these great properties going forward,” stated Adam Henderson, President & CEO, Sleepy Hollow Investment Company.
Below are the buildings that were part of the sale:
3510 Unocal Place, Santa Rosa
2300 Contra Costa Blvd., Pleasant Hill
25 Orinda Way, Orinda
1600 Riviera Avenue, Walnut Creek
18 Crow Canyon Court, San Ramon
2355 San Ramon Valley Blvd., San Ramon
2333 San Ramon Valley Blvd., San Ramon
6375, 6377, 6379 Clark Avenue, Dublin
6465-6557 Sierra Lane, Dublin
3140 Alfred Street, Santa Clara