San Francisco, CA (December 17, 2018) – Newmark Knight Frank (NKF) has announced the sale of 2890 N. Main Street, a 42,667-square-foot office building located in Walnut Creek. The three-story building is 94 percent leased with US Bank as its anchor tenant.
Century | Urban, a real estate investment and advisory firm, acquired the property.
“The combination of stable cash flow from a diversified tenant base, prominent corner identity and highly-coveted transit-oriented location, makes the acquisition a highly attractive investment opportunity,” said Century | Urban Principal Bryant Sparkman.
NKF Senior Managing Directors Mike Zylstra, Forrest Gherlone and Seth McKinnon represented Graham Street Realty in the approximately $12.3 million sale to Century | Urban.
“We are excited to close the sale of this property, which proved to be a strong performer for our investors after 3 1/2 years of ownership,” said Graham Street Realty Managing Principal David Messing. “The property maintained strong occupancy throughout our ownership tenure and benefited from a complete common area upgrade during this time.”
2890 N. Main benefits from a short walk to the popular Pleasant Hill BART Station and its proximity to a host of amenities including: Sprouts Market, Walgreens, 24 Hour Fitness and a significant retail amenity base. The property recently underwent a $1.5 million capital renovation that included mechanical, lobby and restroom upgrades.
“2890 N. Main is well-positioned to take advantage of tenant in-migration. Asking rent discounts between N I-680 and similar class A markets such as San Francisco and Oakland are at an all-time high of 48 percent and 23 percent, causing tenants in San Francisco and Oakland to seek more affordable transit-oriented locations along the N I-680 corridor,” said Zylstra.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.