WALNUT CREEK, CA-Newcastle Partners recently acquired Centre Pointe, a six-building, 197,000 office complex at the Shadelands Business Park.
The seller was Sun Life Financial, which has partnered with San Francisco-based Newcastle on other projects.
The price was estimated at close to $21 million or $105 to $110 per square foot, according to a report in the San Francisco Business Times.
Shadelands has been under-performing, but Dennis Higgins, managing partner of Newcastle, told the Times he expects to see more leasing and activity from healthcare tenants and Safeway Inc.'s proposed, 25-acre retail and senior housing project.
Centre Pointe was 85% leased at the time of the transaction, but and Newcastle expects to add new tenants soon.
Click San Francisco Business Times to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
