Harmony Company Middle is 30 miles from downtown San Francisco. Picture courtesy of Newmark
Sierra Pacific has acquired Harmony Company Middle, a two-building, 346,731-square-foot workplace campus in Harmony, Calif. Harbert Administration Corp. bought the asset for $20 million, CommercialEdge knowledge exhibits.
The campus beforehand traded in 2017, when Harbert bought it from PGIM Actual Property for $63.5 million, in keeping with the identical supply.
One Company Middle got here on-line in 1983. The seven-story, Class B constructing encompasses 134,251 sq. toes and options 19,535-square-foot floorplates, three passenger elevators, managed entry and affords 537 automobile parking areas and a health heart.
The 213,188-square-foot Two Company Middle was accomplished in 1986. The ten-story Class B constructing consists of 2,230 sq. toes of retail house and options 4 elevators, managed entry, 844 automobile parking spots and a health heart. The brand new proprietor plans to replace and renovate the facilities bundle and the widespread areas of each buildings.
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On the time of the sale, the property was 73 p.c leased, with tenants together with Patelco Credit score Union, Walsh Building Co., Pacific Service Staff Affiliation, Regional Middle of the East Bay and Versa Engineering & Expertise, amongst others.
Situated at 1320 and 1390 Willow Move Highway, Harmony Company Middle gives entry to U.S. Route 242 and Interstate 680, and is a few 30 miles from downtown San Francisco. The property is close to The Veranda, a mixed-use retail heart, and a wide range of different retail and restaurant choices.
The Newmark workforce that labored on behalf of the vendor included Govt Vice Chairman & President Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak.
The Bay Space’s workplace market endures
The Bay Space workplace market has been closely impacted by the rising recognition of distant work fashions. Nonetheless, transaction quantity remained above $1 billion for the 12 months ending in October, a latest CommercialEdge report exhibits, with per-square-foot costs at $343. Emptiness clocked in at 18.9 p.c, marking a 290-basis-point improve over a 12-month interval.
Workplace values in San Francisco have been steadily declining lately. For instance, The Swig Co., in partnership with SKS Companions, acquired 350 California for under $61 million in September, a steep low cost in comparison with the $250 million value sought when the tower hit the market in 2020. Final month, Rubicon Level Companions paid solely $72 million for The Townsend Constructing, a 137,000-square-foot property that vendor CBRE Funding bought three years in the past for $132.6 million.
