(EDITOR’S NOTE: According to sources familiar with the details of the Diablo Technology Center sale, Black Mountain Properties paid $27.5 million for those two buildings. The third property, located at 5976 W Las Positas Blvd., which is a two-building Las Positas Office Plaza complex, sold for $23,902,000 on October 24, 2016. This brings the total investment in the four buildings to $51.4 million.)
Pleasanton, CA — San Carlos based Black Mountain Properties (“BMP”) completed the acquisition of four commercial office buildings totaling just shy of 220,000 square feet all located within Pleasanton’s prestigious 875 acre mixed-use Hacienda Business Park. The properties boast “best in class” quality and benefit from the abundant amenities of the Business Park, which has over 11 million square feet of office, retail, and residential space in a transit-oriented development epitomizing the live-work-play lifestyle. A variety of transportation links have been developed to help connect Business Park users with both their living and working destinations – the properties are a short shuttle ride from the Dublin/Pleasanton BART station, and have excellent access to Interstates 580 and 680.
The buyer, Black Mountain Properties (blackmountainproperties.com) is a full-service, family-owned, commercial real estate investment, development and property management company, with a portfolio of quality commercial and industrial properties located throughout Northern California. Founded in 1937, Black Mountain is a respected and experienced property company that brings innovation and commitment to the communities, employees and tenants it serves.
BMP’s first purchase in early October was the two building Diablo Technology Center project totaling 114,155± square feet composed of 5870 Stoneridge Drive and 4511 Willow Road. The seller, Ridge Capital Investors (ridgecapitalinv.com), recently invested in significant project upgrades over the past 17 months of its ownership. The Diablo Technology Center buildings’ tenant mix includes: Nellcor Puritan Bennett, a Medtronic subsidiary; CooperVision, Inc., one of the world’s leading manufacturers of soft contact lenses; Verizon Communications, Inc. (NYSE: VZ); Level3 Communications, Inc. (NYSE: LVLT); Sunbelt Controls, a full-service building automation contractor; and PulteGroup, Inc. (NYSE: PHM) a leading United States home builder.
The most recent acquisition was the 105,576± square feet Las Positas Office Plaza complex. The seller, Embarcadero Capital Partners (embarcaderocapitalpartners.com) purchased the property in late 2010. The two building, two-story office complex features efficient, flexible floor plates, extensive monument signage potential, a conference center, showers and lockers, and electric vehicle (EV) charging stations. Las Positas Office Plaza tenants include: One Risk Group, a full service Property/Casualty Insurance Brokerage with a full range of insurance, employee benefits, risk management and business advisory services; Linde Gas North America one of the largest industrial gas suppliers in the world; Fluor Enterprises, Inc.; Hitachi Data Systems Corp a computer data storage systems, software and services company owned as a subsidiary of Hitachi Ltd.; Wal-Mart Stores (NYSE: WMT); and Keller Williams Tri-Valley realty.
Joseph J. Bullock, III, Chairman and CEO of Black Mountain Properties, LLC, stated, “The properties Black Mountain Properties purchased are considered to be the top-tier of the Tri-Valley market. We pride ourselves in offering tenant’s high quality, functional space with abundant parking and access to nearby amenities including mass-transit alternatives. BMP’s overall business plan is to continue to strategically invest capital in the East Bay to expand our Bay Area presence.”
Tim Howarth and Derik Benson of Cushman & Wakefield and Ian Thomas of Colliers International represented Black Mountain Properties in its purchases.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,000 professionals operating from 554 offices in 66 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
For the latest news from Colliers International, visit Colliers.com, or follow us on Twitter: @ColliersIntl and @Colliers_PLS.