Principle Capital Buys 100-Acre Parcel, Sells Off Pieces

LIVERMORE, CA-Principle Capital Real Estate has closed on the purchase of a 100-acre industrial parcel here along the Interstate 580 corridor and is now busy breaking it up and selling it off. The Des Moines, Iowa-based investment firm says it, too, will develop a portion of the $20 million property, but isn’t talking specifics yet.

Principle is marketing the land to corporations and developers, and already has inked a deal with Balch Enterprises. The industrial developer is purchasing 11 acres, and plans to build a four-building, 175,000-sf facility on that land. The purchase price was not immediately available.

There also are preliminary plans for a 1.5 million-sf research and development park on a portion of the property, all of which is zoned for warehousing, distribution, research and development. Principle says the land is in high demand due to the area’s low vacancy rate thanks to an increase in the number of Bay area companies seeking refuge from high rents. Asking rates were not immediately available.

Livermore and the surrounding towns of Dublin, Pleasanton and Tracy also are benefiting from skyrocketing housing costs and traffic closer to San Jose. Companies are increasingly choosing to locate on the Valley’s edge in order to take advantage of the area’s relatively cheaper living costs and opportunities for more office space at lower prices.