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San Francisco-based Graham Street Realty added to its Denver portfolio with a pair of Englewood office buildings. Affiliate company Paramount Property Company will take over management of the building.

Pyramid Pointe, a 120,279-square-foot building at 9777 Pyramid Court in Meridian International Business Center, and 384 Inverness, a 51,523-square-foot building in Inverness Business Park, sold for $19.4 million. Westcore Properties and American Realty Advisors sold the properties in a deal handled by Newmark Knight Frank Executive Managing Directors Riki Hashimoto and Dan Grooters.

“We are excited about these new acquisitions, which are well-located relative to the new locus of executive and workforce housing in the southeast corridor, and we look forward to the opportunity to lease near-term rollover in a strong market,” said David Messing, Graham Street Realty co-managing principal.

Read the full article at www.crej.comRead more coverage of this transaction at Bisnow.com.

 

Rent checks at two Arapahoe County office complexes are headed to a different coast next month.

Graham Street Realty, an office real estate affiliate of San Francisco-based Hamilton Zanze, bought 350,000 square feet in Littleton and Aurora office space this month for $34 million. The deal included the Corporate 25 office complex and the Aurora Corporate Plaza.

Aurora Corporate Plaza is the larger of the two office complexes, with three buildings totaling 219,000 square feet. It was about 80 percent leased at the time of sale. Janus and ADP are the two largest tenants on the office park’s rent rolls. The property sits at the corner of Peoria Street and Iliff Avenue.

Corporate 25 totals about 135,000 square feet. Oppenheimer is the biggest tenant in the complex, which sits at 7200 S. Alton Way, just north of Interstate 25 and Dry Creek Road.

 

Read the full article at BusinessDen.com

 

Graham Street Realty has acquired The Promenade in Berkeley, CA from Seagate Partners for just over $13.4 million. Set in the heart of downtown, The Promenade is a three-story 43,033 square foot, multi-tenant office building on a ±0.42 acre parcel located at 1936 University Avenue. There is also structured parking that includes 120 parking spaces and is elevator and valet serviced. Built in 1992, the building consists largely of smaller users and was nearly 90% leased to approximately 20 tenants at the time of sale. The largest tenant in the building (and only above 5,000 square feet) is UC Berkeley, which is also a key driver of the local market. Michael Speers with Cushman & Wakefield’s San Francisco office represented the seller in the transaction.

“The Promenade is a fantastic asset positioned in one of the most vibrant, unique and growing markets in the Bay Area,” said Mr. Speers. “Exemplifying its stability, desirability and great pride of ownership, more than half of the existing tenant base has occupied the building for at least 10 to 20 years.”

Read more at TheRegistrySF.com

 

San Francisco-based Graham Street Realty has bought the 1355 Willow Way office building in Concord for $1.45 million below its $10 million appraised value.

“I think that this transaction turned out this way as the property has a great deal of deferred maintenance. We are planning on spending an additional $1.5 million above the purchased price to make improvements to the property. Most of this work will be with the exterior of the building. This will include repairing the rot on the exterior of the building and putting in a new roof. There will also be some work done to refurbish the lobby of the property,” says David Messing, a principal with Graham Street.

Graham Street is of the opinion that it will be able to add some value to the property in the future. “The rents in the property now are on average around 15 percent below market. We should be able to add some value in the future as our current tenants come up for renewal,” said Messing.

1355 Willow Way is an 84,715 square foot office building. The property was built in 1979. At the time the property was bought, the occupancy was ay 94 percent. One of the tenants in the property was the Contra Costa County Employees Retirement Association. The buyer estimates that the cap rate on its purchase was seven percent, based on the in-place rents of the property.

Graham Street likes the location of the Willow Way property and sees more opportunities in surrounding area. “We are in an area that has very strong retail amenities nearby, which includes the Willows Shopping Center and the CenterCal development, which will be starting soon,” said Messing. As The Registry reported in July of last year, El Segundo-baed CenterCal Properties purchased the 572,000 square foot redevelopment site located at 2001 Diamond Blvd. in Concord for $42 million.

Graham Street also recently bought the 43,033 square foot The Promenade in Berkeley for $13.4 million. The property is located at 1936 University Avenue. “We think that one of the interesting features of this property is that along with it [the property] includes a 120-space parking structure. There aren’t many office buildings in Berkeley that have this much parking associated with it. Our tenants find this as a very good amenity,” said Messing.

Read more at TheRegistrySF.com

 

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