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ORINDA, CA-A suburban office park in Orinda set a record this week for selling at the highest price for comparable office property in the East Bay in the past two years, according to Grubb and Ellis Company.

Pine Grove LLC, a private Bay Area-based company, purchased Pine Grove, an 86,000-sf, five-building suburban office park in Orinda, for $26 million. According to Grubb & Ellis Company, the $300 per sf. price is the highest received for comparable office property in the East Bay in the past two years.

The property, which is 100% occupied, is located off Highway 24 between Oakland and Walnut Creek.

“Orinda is an upscale niche market in the Bay Area without a lot of commercial space. We knew we would get a good price for the property since the area is so unique,” says Bill Liggett, a VP with Grubb & Ellis’ Institutional Investment Group.

According to Liggett, more investors are turning to commercial real estate as the economy continues to struggle.

“This property makes a great long-term investment due to its established tenant base and lack of supply in the area. It’s a perfect asset for the buyer, who is looking for a stable investment that will perform well. Given how the stock market has been performing lately, real estate is a very attractive investment alternative for many people looking for good returns,” Liggett says.

Bill Liggett, Rick Steffens, Heath Charamuga, Bob Maderious, Erik Neese and Robert Cole of Grubb & Ellis represented the seller, MIG Realty Advisors, an institutional real estate company. George Harrison of Lee & Associates represented the buyer.

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