A medical office of approximately 16,000 square feet in Walnut Creek sold for $7,578,000 , or just over $475 per square foot, earlier this month. The transaction closed on July 7th, according to public documents, and the buyer is a Santa Monica entity called Piazza Montana associated with Samuel L. Rubin. The seller was a Berkeley entity called N. Wiget Lane LLC, associated with Igal Sarfaty and Yuval Bobrovitch.
The property is a single building located at 400-404 N Wiget Lane in Walnut Creek. It is part of a six-building development, which in the mid-2000s was converted to office condominiums. Rick Bland from the Oakland office of Lee & Associates, who represented the sellers in the transaction, had also worked on the deal when the buildings were converted to condos and helped sell the property the buyers. Most importantly, Bland said, the development lived tot he original pro-forma over the nine years. “It makes a loyal client,” he added.
The property is fully leased to DaVita, a Fortune 500 company that is the parent company of DaVita Kidney Care and DaVita Medical Group. DaVita Kidney Care is a leading provider of kidney care in the United States, delivering dialysis services to patients with chronic kidney failure and end stage renal disease, according to its web site.
The company just renewed its leas in the building for the next ten years, showing the value of the property and the strength of the neighboring Shadelends submarket, said Bland.
Bland was assisted by Alex Peck and Mitch Yaden, also from Lee & Associates’ Oakland office.