Robhana Group Purchases Walnut Creek Asset for $1,150 Per Square Foot

Robhana Group, Walnut Creek, Bay Area, Los Angeles, East Bay, J. Rockcliff Realty, Colliers International

Robhana Group, Inc., a Los Angeles-based privately held real estate investment firm that acquires, develops and manages value-add and opportunistic office, retail, multi-family, industrial and mixed-use properties in the Western United States acquired a 10,000 square foot asset in Walnut Creek for $11.5 million, or $1,150 per square foot, according to public records.

The asset, although not considered to be very large, is a trophy property for the buyer. It is located in the very heart of the East Bay city at 1700 N. Main St. just steps from the popular and heavily trafficked part of downtown. It is in proximity to numerous restaurants and retail establishments such as Neiman Marcus, Apple and Tiffany’s. The building is presently leased to an entity associated with Fidelity National Title Company.

The deal closed on January 20th, and when reached for comment Robhana confirmed the purchase but would not comment beyond the details outlined here.

J. Rockcliff Realty represented the seller in this transaction, which was an off-market deal. Douglas Manful, realtor associate in the company’s Walnut Creek office worked on the transaction. On the buyer side, the company was represented in-house by Edmund Tefft.

Part of the opportunity for Robhana was an adjacent lot to the existing building, which the new owners hope to redevelop and add a mixed-use structure on the site.

The downtown Walnut Creek office market is a sub-market of the North I-680 Corridor of the East Bay. According to a recent, 4th quarter industry report by Colliers International, the market overall is experiencing approximately 13.5 percent vacancy. The downtown office market for Class A product is around 9.4 percent, which is bested only by much smaller markets of Lamorninda and Alamo/Danville. Asking rates, according to the report, hover around $3.60 for Class A office, which is the highest in the entire North I-680 Corridor.

West Coast Commercial Real Estate News