(EDITOR’S NOTE: According to public documents, the sale price of $88 million comes to $450 per square foot.)
NKF Capital Markets has announced the sale of Growers Square, a class A three-building office project encompassing 195,372 square feet of space. Located at 1646-1676 California Blvd. in Walnut Creek, the property benefits from a highly-captive user base representing a broad variety of industries. Some of the property’s high-profile tenants include: John Muir/Mt Diablo Health System, Pacific Coast Bankers Bancshares, and BKF Engineers.
NKF Capital Markets Vice Chairmen Steven Golubchik and Grant Lammersen represented the seller Invesco in the transaction to the buyer Rockwood.
The property features a four-level structured parking facility featuring one of the highest parking ratios in Walnut Creek. Moreover, Growers Square benefits from a prime location with immediate access to both BART and the area’s dense retail core.
“Walnut Creek has experienced a renaissance that has brought high-end restaurants, shopping and nightlife to the downtown core – making it one of the Bay Area’s true 24-hour cities,” said Golubchik. “The property’s location at the heart of this revival was an added benefit to the buyer.”
According to Golubchik, the North I-680 Corridor has emerged as one of the most prominent and desirable office markets in the San Francisco Bay Area. Relative overall cost of office space is far lower than that of San Francisco and this overall cost benefit includes not only rent, but parking taxes, human resource costs, and the actual and subjective cost of commuting.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.