By Kate Snyder
As northern California contends with uncertainty in the office market, a 73,654 square foot commercial building in the Hacienda Business Park was recently placed on the market. The three-story Chabot Center just off the I-580/I-680 interchange is being listed by Marcus & Millichap’s Vincent Schwab and Evan Rose, who declined to share guidance pricing for the property. According to public records, the property was previously purchased by an entity affiliated with Hacienda Pleasanton Park MD Parent, LLC, which is affiliated with the Arroz family.
The property is located at 4637 Chabot Drive and sits on four acres. It was built with steel frame construction. According to marketing information from Marcus & Millichap, $2 million in brand new building tenant improvements is currently being installed in suite 200, and approximately $5 million in tenant improvements have been installed in the building throughout the past 5 years. Current tenants include First American Title Company, Kimley-Horn, Adapdix, Inc. and Bay One Solution, Inc. The site is within walking distance of the Gateway Shopping Center as well as the Dublin/Pleasanton BART Station.
Hacienda Business Park is located at the northern edge of Pleasanton, bounded by Interstate 580 to the north, Hopyard Road to the west, Santa Rita Road to the east and the Arroyo de la Laguna to the south. At about 875 acres, it is the largest development of its kind in northern California. More than 10 million square feet of existing, mixed-use space is occupied by about 680 companies that locally employ more than 16,500 people.
Last year, the third quarter of 2022 was reported to have ended on a positive note for Hacienda. Office, flex and retail spaces all showed declines in vacancy both over the prior month and over the 2021 ending point. There were a significant amount of tenant transactions given the overall activity in the market and Hacienda saw some major transactions during the previous 90 days. Overall absorption was nearly 160,000 square feet over the end of the prior year and overall vacancy has declined almost 2 percent at the same time.
Situated less than 25 miles east of San Francisco, Pleasanton is considered part of the East Bay region as well as the Tri-Valley, which is made up of the San Ramon Valley to the north, the Amador Valley to the south and the Livermore Valley to the southeast. According to marketing information for the listed property from Marcus & Millichap, the Tri-Valley is a suburban outpost for the Bay Area and “an integral component” of the region’s economy.
