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High Net Worth Capital Becomes More Aggressive

PLEASANTON, CA—The Diablo Technology Center within the Hacienda Business Park gets new ownership after seller Ridge Capital Investors LLC invested in significant common area, landscape, signage and tenant space improvements, signifying the value to be had in office/R&D assets.

Diablo Tech Center Diablo Technology Center is located in the Hacienda Business Park.

PLEASANTON, CA—A three-building portfolio was acquired by Ridge Capital Investors LLC and Contrarian Capital Management LLC last year for $35.1 million. After an extensive rehab of common areas, landscaping, signage and tenant space improvements, the 191,009-square-foot Diablo Technology Center has sold for a reported $47 million or $246 per square foot, according to Real Capital Analytics. The class-A office/R&D property is located within the Hacienda Business Park.

Not only did the sellers invest in significant improvements during its time of ownership, the JV owners signed 66,000 square feet of new leases during that time. The three properties were 100% leased and occupied at closing to 11 tenants, with most of the tenancy from longer term, credit-quality tenants.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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