Tri-Valley Office Park Up for Grabs

Principal Financial Group of Des Moines, Iowa, is marketing for sale the 1.1 msf Bernal Corporate Park.

No asking price has been divulged, but industry observers suggest the property could sell for something in the neighborhood of $220 million. John Frandson, the company’s director of acquisitions and dispositions, projects a deal will close by the end of the year.

The company acquired the land at 7011 Koll Center Parkway in 1987 and built the office park over the next few years. The decision to sell the holding now come as part of a restrategizing of its portfolio.

The park is situated near I-680. The property is currently about 95% occupied by some 180 tenants, including RMC Pacific Materials, Greystone Homes Inc. and Leisure Sports Inc. The project is 96% office and 4% retail.

PFG, which has 75 million to 80 million square feet of space in its portfolio, has not established an official asking price.