By Kate Snyder
The eastern edge of the Bay Area continues to attract some attention from investors. In a recent sale, a 21,470 square foot medical complex in Livermore was sold for $11.3 million, or approximately $523 per square foot, according to public property records. The price comes below the listed asking price, which was $12 million, per marketing information from Lee & Associates. The buyer was the Becker family, and the seller was an entity associated with two private investors from the Bay Area.
The property is located at 1010-1074 Murrieta Blvd. and consists of 11 individual medical buildings that are all situated on a 1.9-acre parcel. The complex was built in 1969, and marketing information for the site shows that all buildings on the site have been remodeled within the last 20 years.
The property is also fully leased by 13 medical tenants with a remaining lease term average of 3.5 years. Tenants include Labcorp, Advanced Health Chiropractic, Golden State Dermatology, Tri-Valley Aesthetic Dentistry, Smileline Dentistry and Pioneer Diagnostic & Imaging.
Livermore is the easternmost city in the Bay Area and a technological hub, as the home of the United States Department of Energy’s national labs Lawrence Livermore National Laboratory and Sandia National Laboratories. The city is the most populous in the Tri-Valley, which includes Amador Valley, San Ramon Valley and Livermore Valley in the East Bay. Livermore is considered by some as “the gateway to the Central Valley,” according to the marketing information.
Other sales have been recorded in Livermore recently. One such deal was the sale of a single-tenant net lease Chick-fil-A drive-thru for $10.4 million, or about $2,155 per square foot, according to The Registry’s previous reporting. The buyer was a local 1031 exchange buyer based in Alameda County, and the seller was Meridian, a real estate development and investment firm that specializes in properties across the western United States. The 4,821 square foot Chick-fil-A-occupied property is located on 1.6 acres at 1754 N. Livermore Ave.