By Meghan Hall
A 59-acre property formally utilized by the U.S. Coast Guard has been auctioned off on Wednesday after bids from five unidentified buyers. According to the General Services Administration (GSA), who has been managing the auction on behalf of the U.S. Coast Guard since it began in October, the property will be purchased for $58.4 million. The auction closed Thursday morning after more than 24 hours passed without a competing bid.
The buyer of the property will only be made publicly available once title documents are processed, according to industry reporting. The U.S. Coast Guard has owned the property for the past 14 years, after acquiring from the Navy, which has owned the property since 1942.
The property is currently developed with 40 duplex buildings originally constructed in 1965, 42 apartment-style buildings constructed in 1989, offices, a maintenance building and a community center. A former housing office is also located on-site. The property was used by the Coast Guard for housing.
According to GSA, no additional inspection opportunities are available. Bids are all cash, and there must be no contingencies on the as-is sale. Located at 3295 Haleakala in the northern part of Concord, the property is not far from the Concord BART Station and the Concord Naval Weapons Station, located just east. The Buchanan Field Airport, Diablo Creek Golf Course and Point Edith Wildlife Area are all within proximity of the asset.
The City of Concord did attempt to previously purchased the site for $15 million—also the auction’s minimum bid—for redevelopment, but saw their offer turned down.
It is unclear what the new owner’s plans for the property will be once sale documents are formally processed. However, development plans around the property and at the Naval Weapons Station continue to sprout. After a 2016 agreement between City officials and Lennar Corporation to build 12,000 homes and six million square feet of commercial space fell apart due to labor disputes, the City has renewed its efforts to find a developer for the property, which could generate significant change in the coming years to the area.