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LIVERMORE, CA-Making its first investment in the Bay Area, CB Richard Ellis Realty Trust has acquired a fully-leased, 219,631-square-foot office campus here for approximately $50 million. The REIT says the property is leased through 2024 by a subsidiary of Comcast Corp., which is guaranteeing the lease, according to an SEC filing. The estimated acquisition cap rate is 9.2%.

The tilt-up buildings—two single-story and one two-story all approximately the same size–are located at 3011, 3055 and 3077 Triad Dr. in the Tri-ValleyTechnology Park, which sits near Interstate 580. Built in the late 1980s, the buildings underwent major renovations over the past year in conjunction with Comcast’s commitment to consolidate its Northwest operations at the campus.

The acquisition price was $49 million, exclusive of customary closing costs. In addition to the undisclosed closing costs CB Richard Ellis Realty Trust paid its investment adviser a $750,000 acquisition fee, according to the SEC filing.

The seller, a joint venture of RREEF and Harvest Properties, acquired the campus in December 2007 for $29.2 million. The campus was 33% leased at the time.

Comcast inked its lease for the campus in spring 2008 and occupied it late last year, vacating Bishop Ranch 15 on Camino Ramon and a call center on Nissen Drive. There was little to no net absorption in the deal. Approximatly 1,000 employees work at the campus, which is used as a regional headquarters, call center and technical operations center for Comcast of California/Colorado/Washington I Inc.

One building is a 500-seat call center, another is the corporate administrative offices for Northern California and the third is a technical operations center. Tenant improvements included an expanded cafeteria in the administrative building and the addition of a secured warehouse in part of the third building.

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