CBRE Arranges $15.5MM Sale of 855 Oak Grove in Menlo Park, CA

CBRE Capital Markets Northern California, CBRE Group, Menlo Park, Oak Grove, Bay Area, San Francisco,

CBRE Capital Markets Northern California, CBRE Group, Menlo Park, Oak Grove, Bay Area, San Francisco,

SAN JOSE, CA – JUNE 27, 2017 – CBRE Capital Markets has arranged the sale of 855 Oak Grove, a ±18,353-square-foot office building located in the heart of downtown Menlo Park.

CBRE’s Scott Prosser, Seth McKinnon and Jack DePuy represented the seller, Oak Grove Associates, LLC. The property was purchased by Robert Wheatley Properties for $15,500,000.

“Office building offerings in downtown Menlo Park are a rarity. This opportunity generated strong interest, resulting in buyer selection within a week from launching to the market,” said Scott Prosser, SIOR, Executive Vice President, CBRE.

The two-story office building built in 1965 is currently 94 percent leased. 855 Oak Grove provides tenants convenient access to Caltrain as well as downtown Menlo Park’s growing number of restaurants, retail and new residential developments.

The Property is located in a premier location near the intersection of Santa Cruz Avenue and Crane Street. Directly adjacent to the building is a Menlo Park city owned surface parking lot offering free parking. There is street parking also available.

Just north of Palo Alto, Menlo Park and the surrounding submarkets have some of the lowest vacancy rates and highest lease rates in the San Francisco Bay Area. Acquisition opportunities are extremely rare in Downtown Menlo Park, with many owners being long term holders due its Silicon Valley/San Francisco Peninsula proximity. With access to Caltrain (one half mile away), Stanford University and a significant amount of venture capital, market fundamentals are expected to remain strong into the foreseeable future.

The CBRE Capital Markets’ Northern California team provides investment advisory and debt and structured finance solutions for institutional investors, private capital and corporate owners/users throughout the West Coast.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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