SAN LEANDRO — A giant workplace park in downtown San Leandro has been purchased by traders from Ohio in a deal that reveals main gamers nonetheless search to feast on alternative East Bay actual property.
Creekside Plaza Workplace Park has been purchased for $109.6 million, in response to paperwork that have been filed on June 9 with the Alameda County Recorder’s Workplace.
Boyd Watterson Asset Administration, an actual property funding agency, bought the workplace park, which is at 1100 San Leandro Blvd., the county property paperwork present.
Innisfree Cos., an actual property agency that developed the workplace park and had owned it for about 20 years, was the vendor within the deal.
Cleveland-based Boyd Watterson additionally assumed a $70 million mortgage from Principal Life Insurance coverage as a part of the acquisition bundle.
Creekside Plaza totals 227,800 sq. ft and consists of three workplace buildings and a parking storage.
The deal marked the primary time the workplace complicated had ever been put available on the market since Innisfree Cos. developed the buildings.
Brokers Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert with Cushman & Wakefield, a industrial actual property agency, organized the property deal.
Tenants in Creekside Plaza embrace Alameda County Well being Companies Company, Regional Heart of the East Bay, Papaito Rotisserie and Antigua Espresso Store.
The transaction means that top-quality workplace properties are nonetheless drawing the curiosity of veteran consumers even within the wake of coronavirus-linked financial uncertainties over the velocity and nature of the return to in-person work.
Cushman & Wakefield brokers mentioned the acquisition represented the biggest deal, measured by greenback quantity, for any workplace property in a suburban East Bay market since 2019.