(EDITOR’S NOTE: According to public records, the buyer was an entity associated with Boyd Watterson Asset Management based in Cleveland. The price of the purchase came to approximately $54 million, or around $393 per square foot.)
TRI Commercial/CORFAC International announced today it has procured the sale of Ellinwood Corporate Center, a three-building, government office campus fully leased by the Employment and Human Services Division of Contra Costa County. Edward F. Del Beccaro, Executive Vice President, Bay Area Regional Manager, and his team, represented the ownership Ellinwood Office Partners, LLC, a DJM Capital Partners affiliate in the sale of the asset located in the Ellinwood Business Park in Pleasant Hill.
Ellinwood Corporate Center is located at 300-500 Ellinwood Way in Pleasant Hill, California and totals more than 137,232 square feet. Ellinwood Associates purchased the property totaling three empty office buildings and completely renovated them over the next two years. The Employment and Human Services Division of Contra Costa County (CCC) relocated to the campus in 2008 signing originally a 20 year lease which was subsequently renewed. After a complete analysis of potential sites, the Ellinwood campus was characterized as the premier location in Contra Costa County for their requirement to serve Central County and South County.
“Our goal is always to create value for our community. Ellinwood has become such a dynamic asset that services this region and we are proud to have played a role in creating that opportunity,” said D. John Miller CEO of DJM Capital Partners.
DJM Capital Partners specializes in acquiring mixed use retail and office projects located within high barrier markets, in superior locations, and with risk adjusted repositioning opportunities to deliver attractive returns to its private investors.
“Ellinwood is a mission-critical location for the tenant who serves more than 150,000 people across Contra Costa County,” said Del Beccaro. “Two of the three buildings have converted ground floors to specifically service these clients, which makes the buildings particularly suited for this type of tenant.”
The location, ease of public access, CCTA Bus Service, free surface parking, and campus-like environment are just a few of the criteria that uniquely allow Contra Costa County to provide the ideal solution in its mission to serve. Programs on-site include Children and Family Services, Head Start Early Education Assistance, Economic Opportunity Council, Aging and Development, CalFresh, MediCal and Health, Refugee and Immigrant Program, Workforce Development, Advocacy Service, and In Home Support Services.
The TRI Commercial investment team that took part in the transaction included Edward Del Beccaro, Executive Vice President, Greg Hugo, Senior Vice President, Vern Padget, Senior Associate, Ron Willet, Associate, and Justin Choi, Investment Associate.
About TRI Commercial/CORFAC International
Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm (with more than 4 million square feet of commercial property under management) specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, and land, multifamily and industrial property sectors, with offices in San Francisco, Silicon Valley, Walnut Creek, Oakland, Roseville, Sacramento, and Rocklin. For more information, visit www.tricommercial.com or call Dina Gouveia in Corporate Marketing at 925.269.3305
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail properties, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. For more information on CORFAC’s International presence, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com.
About DJM Capital
DJM Capital Partners, Inc. is a private real estate equity and development firm based in San Jose and Los Angeles, California. With a core strength in retail combined with expertise in office and residential asset classes, DJM’s market knowledge and strategic acquisition of undervalued assets is represented by a current portfolio of approximately three million square feet with an estimated total portfolio value of $2 billion. For more information, please visit www.djmcapital.com.