The building, which was completed in 1999, is a single-story structure on 13.16 acres at 5160 Hacienda Dr. in the master planned Emerald Park development, located adjacent to Interstate 580. It is 100% occupied by Carl Zeiss Meditec, a subsidiary of the Carl Zeiss Group, on a 20-year lease that expires in September 2019.
Eckard comments that the property "represents a very high quality asset with strong tenancy in a location that has attracted many corporations which rely on the strong employee base and amenities offered by the Tri Valley market." He adds that the transaction illustrates that, "Stable, relatively risk-free returns have strong appeal to a segment of the equity market, which has raised abundant capital for this type of asset."
Lammersen says that the deal illustrates that, "The buying community is really focused on deals with cash flow with strong tenants." He notes that Zeiss is one of the most recognized and respected firms in the field of medical optics. Other major firms located nearby include Sybase, Oracle, Kaiser Permanente, Micro Dental Labs and Safeway Stores' corporate headquarters.
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