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The marketing of a 45.37-acre site with direct access to Interstate 580, adjacent to a planned light rail station and just minutes from Livermore's Municipal Airport is a rare occurrence.
Residents will have access to health and wellness programs, nutrition and healthy food access, workforce development, adult and youth education support, and community engagement.
The increase in vacancy and availability was due to a combination of tenants seizing on attractive sublease offerings, thereby increasing direct vacancy upon move, and through an additional wave of sublease listings.
The 266,303-square-foot portfolio was purchased on behalf of Sterling Organization's institutional fund, Sterling Value Add Partners III, LP for an undisclosed amount.
Fund III has diversified investments in more than 3,200 multi-family units and more than 2.2 million commercial square feet with locations across several states.
Hospital officials say the new tower will be a part of a planned $215-million campus expansion and modernization effort. Construction on the new patient tower is expected to begin in the first quarter of 2019.