PLEASANTON, Calif., Sept. 27, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Atrium, a 74,241-square-foot office building in Pleasanton, California. The $15.5 million sales price equates to more than $200 per square foot.
“Meridian Property Co., which specializes in repositioning office and medical office properties, purchased the asset in February of 2015 for $10.5 million,” according to the exclusive listing agent, Vincent Schwab, a senior vice president investments in Marcus & Millichap’s San Francisco office. “The property is now 100-percent leased and market rents increased substantially during the hold period. The seller also implemented a number of cosmetic and economic improvements,” Schwab said. “Even with the price increase, the buyer ended up with a 7-plus cap rate.”
The buyer is a Hong Kong-based in investment group.
Located at 5776 Stoneridge Mall Road in Pleasanton, the property is adjacent to Stoneridge Shopping Center, a 10-minute walk to the West Pleasanton/Dublin BART station and a 40-minute train ride from San Francisco.
Built in 1983, The Atrium is a multi-tenant, three-story office building with an atrium, mature landscaping and a fountain on the ground floor of the lobby. Many of the suites have dedicated balconies, including four inner balconies that overlook the atrium. The current 50-plus tenants represent a variety of industry groups, creating a highly diversified income stream. The approximate average term of occupancy per tenant, historically, is 10 years.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com