Three Owner-Users Buy East Bay Buildings

SAN FRANCISCO-In separate deals three owner-users have acquired buildings in the East Bay. Philippine Fruit Corp. purchased a 61,792-square-foot building in Union City for $6.5 million, Bay Area Trenchers purchased an 11,000-square-foot industrial building in Newark for $1.2 million and 1Source Electrical Contractors purchased a 12,054-square-foot building in Livermore for just under $1.28 million.

1Source Electrical Contractors new Livermore building, located at 600-628 Pinnacle Pl., was sold by Connie Burglund. Philippine Fruit Corp.’s new Union City property, at 33288 Alvarado Niles Rd. and 33589 Central Ave., was sold by Che Chen Liu and Shu Fin Liu. Bay Area Trenchers new Newark building, at 8240 Enterprise Dr., was sold by the James Patrick Peterson 2007 Trust, OTD March 2, 2007, and the Van Beck Family 2007 Trust, OTD April 9, 2007.

Each of the companies was assisted in the transactions by TMC Development, a Certified Development Co. CDCs work with the SBA and private-sector lenders to provide financing to small businesses. In addition, Mike Llyod of Colliers International represented 1Source International and John Serex of Grubb & Ellis Co. represented Bay Area Trenchers for the real estate purchases.

TMC says each of the purchases was financed using the SBA 504 loan program, which for projects up to $20 million offers below market, long term fixed rate financing and up to 90% loan to value. “The SBA 504 program was designed for companies like these who prefer to operate their businesses in buildings that they own, rather than pay rent to a landlord,” says TMC chief executive Barbara Morrison.