Hayward, Calif. (November 22, 2013) — Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) has completed the $4.55 million sale of a 12,645-square foot medical clinic at 39199 Liberty Street in Fremont, Calif. Richard Bland, a C&CCNKF senior vice president, represented both the private seller, PAR Fremont LLC, and the private investor, Dutra Enterprises, in the 1031 Exchange transaction.
“The strong recovery of the Bay Area commercial real estate market is certainly reflected in the quantity, velocity and pricing of recent investment sales,” said Bland. “This offering attracted keen interest from several parties, many of whom, including the selected buyer, were highly motivated to complete a 1031 trade. It’s an opportune time to buy and sell real estate with debt costs so low.”
Bland, whose history with 39199 Liberty Street dates back to 2009, represented the previous developer in acquiring this property, as well as three adjacent parcels, and facilitated the attainment of entitlements to convert the multi-tenant office buildings to stand-alone medical complexes. Upon completion of improvements in 2010, Bland secured the Veterans Administration in a 10-year deal to occupy the entire building. Subsequently, the developer’s partner, PAR Fremont LLC, acquired the asset.
“39199 Liberty Street continues to be one of the most modern medical complexes in Fremont and is a highly attractive investment,” continued Bland.
Specializing in office, industrial and medical-use investment sales in the San Francisco Bay Area, Bland has completed seven sale transactions this year representing nearly $100 million in value. Most recently, Bland brokered the sale of a 28,000-square foot, newly renovated medical office building located in Orange County, Calif.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.