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BRISBANE, CA-Two adjacent class A office buildings here that are fully leased to Wal-Mart Stores Inc. have changed hands for $79 million or $472.55 per sf, local real estate sources tell GlobeSt.com. San Francisco-based private fund sponsor Shorenstein Properties LLC acquired the 167,000-sf package from Redwood City, CA-based Foster Enterprises.

The buildings are known by their addresses, 5000 and 7000 Marina Blvd. The property includes 473 surface parking spaces and is located within Sierra Point, a 102-acre master-planned commercial business park located adjacent to Highway 101 and surrounded on three sides by the San Francisco Bay.

The Wal-Mart lease runs through 2012. Wal-Mart keeps the headquarters for its online division in the buildings, but also subleases some of the space. Local industry sources tell GlobeSt.com that Wal-Mart leased the building at the top of the market, which would help explain the relatively high purchase price. One source says the rent may be enough for Shorenstein to get back the cash in the deal during Wal-Mart’s term, but that Shorenstein may seek to negotiate a blend-and-extend deal with Wal-Mart and then re-trade it after a few years.

“This property is in an excellent location in a rapidly improving office submarket and has the added attraction of a long-term lease to a top credit tenant,” says Shorenstein chairman Doug Shorenstein. “The acquisition provides both significant near-term income and longer-term upside potential… .”

The larger of the two is 7000 Marina Boulevard, which is a five-story building completed in 1986. The building at 5000 Marina Blvd. is a three-story building that was completed in 2000. The older building was first built as the headquarters for a toy company and then later by Good Guys. Wal-Mart came along shortly after the newer building was completed.

Vacancy in the 658,000-sf Brisbane submarket has fallen from the mid 30% range in recent quarters to 13% at the end of September, according to a recent market report by Grubb & Ellis. The submarket is across Highway 101 from South San Francisco, where there is a lot of biotech activity.

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