(EDITOR’S NOTE: The seller is Sutter Health, which has owned the site for 10 years when it initially purchased it for $39 million. At one point, the healthcare system was planning to build a hospital on the site, but it has since decided to move in a different direction, according to sources. The anticipation for the site in the future is to be mixed-use with mostly residential including some retail, as well.)
LIVERMORE, CA (Sept. 25, 2018) – Prime sites for transit-oriented development are few and far between throughout the Bay Area today, leaving investors and developers with few high-density options in addressing the region’s growing housing crisis. So, the marketing of a 45.37-acre site with direct access to I-580, adjacent to a planned light rail station and just minutes from Livermore’s Municipal Airport is a rare occurrence.
JLL Bay Area Multifamily Capital Markets experts are marketing the opportunity to acquire the unentitled development parcel at Isabel Avenue and I-580 in northwest Livermore in the region’s Tri-Valley area. The Tri-Valley area is one of the hottest residential markets in the Bay Area. More than 57 percent of the Tri-Valley population rents and average rents are over $2,400 per month. International migration into the area is responsible for much of the Tri-Valley’s population growth.
“This is unique opportunity to acquire and add value to a significant parcel of transit-oriented land in a significant swath of Bay Area growth,” according to Stephen Jackson of JLL. “The Isabel Avenue site is perfectly positioned to benefit from upcoming changes to the city’s Specific Plan as well as the proposed Valley Link connecting the Bay Area to the Central Valley via rapid transit connector between Bay Area Rapid Transit and the Altamont Corridor Express,” Jackson added.
The City of Livermore is expected to undergo a complete revision of the Isabel Neighborhood Specific Plan in 2019. Since the city’s long-term goal is the creation of a walkable, mixed-use neighborhood expanding the area’s housing options, the 45-acre site is ideally situated for high-density development.
The site is just six miles from the Dublin/Pleasanton BART station and less than three miles from the ACE station in downtown Livermore. There are plans to link ACE and BART through an extension of the ACE tracks along I-580 and with a station located at Isabel Avenue. The Tri-Valley-San Joaquin Valley Regional Rail Authority was formed in 2017 to oversee the connector, which would run along existing railway rights of way.
The Isabel Avenue neighborhood already is home to Las Positas College, a fully accredited two-year community college with more than 10,000 students and the area is well served by retail amenities including several shopping centers and a nearby Costco warehouse. The Tri-Valley is home to more than 450 tech companies and the greater East Bay region was named #1 market for high tech industry in 2017 by the Milken Institute. Livermore is also home to Lawrence Livermore National Laboratory, one of the nation’s premier research and development institutions, which has a federally-funded annual budget of $1.5 billion and more than 5,000 employees.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com