X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LIVERMORE, CA-The Livermore City Council has sold 5.5 acres to private investors, Michael Farnell and Fred Dillett, who will use the site to develop a mixed-use project. The property, on Railroad Avenue near L Street, will be used to develop an office and movie theater development.

The development duo will pay the city $840,000 plus 20% of profits from the partners’ planned sale of three parcels of the land to office developers. Farnell and Dillett also gave the city a $50,000 deposit as an act of good faith.

In 1998, the city of Livermore bought the land, demolished several buildings and relocated tenants. This cost about $4.6 million.

In addition, the Sylvan Square Shopping Center, located at 3500 Coffee Road in Modesto, has sold for $7.25 million. The shopping center includes 79,675-sf of retail space on approximately 8.1 acres of land. Chris Kostanecki and Zeb Ripple of Marcus & Millichap represented the seller, Berberian Farms Corp., while Jon Gianulias of CB Richard Ellis represented the buyer, R. Jay Allen Trust.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.