The development duo will pay the city $840,000 plus 20% of profits from the partners' planned sale of three parcels of the land to office developers. Farnell and Dillett also gave the city a $50,000 deposit as an act of good faith.
In 1998, the city of Livermore bought the land, demolished several buildings and relocated tenants. This cost about $4.6 million.
In addition, the Sylvan Square Shopping Center, located at 3500 Coffee Road in Modesto, has sold for $7.25 million. The shopping center includes 79,675-sf of retail space on approximately 8.1 acres of land. Chris Kostanecki and Zeb Ripple of Marcus & Millichap represented the seller, Berberian Farms Corp., while Jon Gianulias of CB Richard Ellis represented the buyer, R. Jay Allen Trust.
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