Newmark Completes Sale of 347,000-Square-Foot Corporate Campus in the East Bay

December 19, 2023 9:00 AM

Newmark announces it has arranged the sale of Concord Corporate Centre, a two-building corporate campus spanning 346,731 square feet in San Francisco’s East Bay area. The asset sold for an undisclosed amount.

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 represented the seller, Harbert Management Corporation. The buyer was Sierra Pacific, who plans on adding updated amenities and renovating the common areas.

Located at 1320 and 1390 Willow Pass Road, the property was 73% leased at the time sale, with nearly 160,000 square feet leased since 2020. The property also includes a 1,167-stall parking garage.

“Concord Corporate Centre offers investors a unique opportunity to acquire a strategically positioned asset in Concord, fortified by a robust existing rent roll that provides resilient cash flow,” said Golubchik. “There is significant upside potential through tenant renewals and the lease-up of existing vacancies.”

The property presents a strong trans-oriented location with immediate access to the CA-242 and I-680 highways, and proximity to three Bart Stations catering to local employees and those who commute.

The campus is near The Veranda, a mixed-use retail center featuring a Whole Foods Market and various upscale restaurants and retail chains such as, Yard House, MOD Pizza and Super Duper. Additional local retailers include Doppio Zero, Mikuni Sushi, Crepe la Fontaine and Mrs. Pho.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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