By Jon Peterson
Fairfield-based The Wiseman Company has put up for sale the Green Valley Executive Center in Fairfield located at 5030 Business Center Drive. The asking price for the property is $25.4 million, or just around $530 per square foot, according to the property’s offering document.
The seller has been the only owner of the 48,000 square-foot office/medical property since it was developed in 2006. “We have noticed since the start of COVID-19 that there has been a great deal of demand from capital sources and tenants in suburban office-related assets. We think that since this property is a Class A asset [that] there will be a lot of interest from investors looking to buy the property,” says Zen Hunter-Ishikawa, chief business development officer for Wiseman.
The property is expected to attract a variety of capital sources, including 1031-exchange buyers and private investors.
The building has a current occupancy of 96 percent. “It’s our expectation that our asset will become 100 percent full sometime over the next month or so,” said Hunter-Ishikawa. There are a total of 27 tenants in the property now. This includes a mixture of both office and medical-related firms. One of the tenants is UCSF, and this location is the tenant’s only location north of Berkeley, which is the home of its children’s cardiac care facility.
Other tenants in the building include financial, real estate, professional and government occupiers. A non-office and medical tenant in the property is Sticky Rice Bistro, a top-end Solano County restaurant. The total land area of the property is 2.75 acres, and there is a parking operation that has room for a total of 174 cars.
The Green Valley Executive Center has had a solar-powered parking structure since it was installed by The Wiseman Company in 2018. This state-of-the-art system supplies 100 percent of the building’s power. Its rate structure with PG&E means that there are virtually no electrical costs for the property owners.
The building has a good centralized location. Its has easy to access to Highways 80, 680 and 12 for convenient commuting across the region. Tenants can get to both downtown Napa and Walnut Creek in around 25 minutes.