Newmark has announced the sale of Mt. Diablo Terrace, a three-building 81,767-square-foot office campus in Lafayette, CA.
Newmark Vice Chairman Steven Golubchik, Vice Chairman Grant Lammersen, Executive Managing Director Edmund Najera, and Sr. Analyst David Hosler of the Capital Markets team in San Francisco represented the sellers, Dunhill Partners West & Piedmont Properties Group, in the transaction to the buyer, Miramar Capital.
“Mt. Diablo Terrace is one of the premier office projects in the Lafayette area,” said Golubchik. “There was significant capital interest in this asset as it has been well-maintained and recently underwent an extensive renovation program. The cash-flowing property is almost fully occupied and offers potential for continued rent growth in a supply constrained market.”
Built in 1982 and located on 3.88 acres at 3466, 3468 and 3470 Mt. Diablo Blvd., the property is approximately 98 percent occupied with a diverse mix of medical and office tenants. The asset offers mature landscaping, proximity to a strong amenity base, and access to Highway 24 and BART connectivity via Lafayette Station which is a short distance away.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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