Amid a scarcity of owner-user supply, individually parceled office flex space sold to local unions, small businesses and startups
Livermore, Calif.– November 5, 2021 – Leading diversified professional services and investment management company, Colliers, completed the sale of an 88,200 square-foot commercial site known as Montevina Business Park. Colliers’ Senior Vice Presidents Larry Easterly and Benjamin Harrison and the late Vice President John Hone were retained by Redwood Property Investors in August 2019 to market and sell the property’s portfolio of 13 freestanding, individually parceled buildings suited for commercial office and office flex. The team staged sales beginning August 30, 2019 and throughout the pandemic, reporting the sale of the final building in July 19, 2021.
“Redwood Property Investors came upon a rare opportunity to purchase the former charter school site and transform it into a highly attractive asset suited for office users,” said Easterly. “The fact that all 13 buildings have changed hands almost two years to the day after it was initially purchased and during a period in which office sales activity slowed considerably is extremely gratifying,” said Easterly.
Harrison added, “Redwood Property Investors was in the best position to purchase and market the property. Their well-funded reserve of capital and in-house construction capabilities added immense credibility and efficiency in getting the property ready for sale.”
Previously the site of the Livermore Valley Charter School, the bond holder, represented by Easterly and Hone, put the property on the market in August 2019 and selected Redwood Property Investors as the preferred buyer. The development initially included 16 buildings originally built in 2007. Two of these were purchased as offices for the Livermore School District and the other by a school. Redwood Property Investors purchased the remaining 13 buildings and pursued an individualized sales strategy from the outset. The buildings’ individual parcel numbers and varying sizes of 3,600-13,200 square feet were motivating factors for the seller.
The Colliers team of Easterly, Harrison and Hone worked with four different out-of-house brokers to sell eight of the 13 buildings and represented the remaining five. Within a month of acquiring the campus, Colliers facilitated the close of five properties.
“Redwood Property Investors was able to utilize our in-house project management capabilities to make the transformation from school to office park a success,” said Reid Settlemier, managing director of Redwood Property Investors. “With the expert advisory of Colliers, who helped us secure five buyers within 30 days of our close with the Livermore Valley Charter School, we were able to realize our vision by converting the property to an owner user office park which the market has responded to quite favorably.”
Redwood Property Investors approached the property from a value-add standpoint, investing over $1,500,000 in capital improvements over a five-month period. The seller’s in-house construction team completed light construction such as overhauling former gymnasium and play areas to create parking requirements, preserving existing landscaping and concrete and enhancing shared outdoor spaces.
The entire campus is now occupied by owner-users of varying industries and services including unions, startups, a notary, a childcare center, a music school and an emergency services training facility. Tenants began occupying buildings as soon as tenant improvements were completed.