By Kate Snyder
Another sales transaction was recently recorded in San Ramon, showing that investors continue to be interested in the area. A 52,149 square foot mixed-use building traded hands for $11.3 million, or about $215 per square foot, according to public records. The buyer was an entity affiliated with University Avenue Partners, and the seller was an entity affiliated with Link Logistics Real Estate, a subsidiary of Blackstone.
The property is located at 2551 San Ramon Valley Blvd. and was previously owned by PS Business Parks, which Blackstone acquired earlier this year, according to an announcement from the firm.
In the most recent sale, the transaction was facilitated by Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak. According to information from Newmark, the property was 90 percent leased at the time of sale to a diverse mix of office and retail tenants.
“San Ramon has long been a highly sought-after real estate market and a wonderful community. We are excited to follow up our recent purchase in Pleasanton and increase our presence within the East Bay as we continue to expand our retail property portfolio,” said Don Tepman, managing partner of University Avenue Partners.
The property is at the intersection of Norris Canyon Road and San Ramon Valley Road, providing visibility to traffic along one of the region’s major thoroughfares, according to information from Newmark. The property is near the 680 Freeway, offering connectivity to the greater Tri-Valley Region, and is also located steps from Bishop Ranch, the region’s master planned community and economic hub.
Established by Blackstone in 2019, Link Logistics is a real estate owner and operator, according to the group’s website. Blackstone is a global real estate investor that was founded in 1991 and currently has $298 billion of investor capital under management, according to the firm’s website. Blackstone owns and operates assets in logistics, residential, office, hospitality and retail.
University Avenue Partners is a commercial real estate investment firm that was founded in 2006 and focuses on “acquiring and improving the service-oriented neighborhood retail plazas that serve our community’s every day basic needs,” according to the firm’s website.