Falcon Completes Sale of U.S. Real Estate Portfolio
Falcon Real Estate has sold a high quality office building in Pleasanton, California on behalf of a long-time client from Latin American. The sale marks the final disposition from a national portfolio of U.S. properties held by this client. Falcon has served as the asset manager of the portfolio for over 20 years.
The sale of the California property closed on September 6, 2013 at a price of $5,450,000. The buyer of the property was ECI Four Stoneridge, LLC. The building, known as the Gale-Schenone Hall of Justice, is fully leased to the State of California’s Administrative Office of the Courts and the County of Alameda. The facility has served as one of Alameda County’s courthouses since 1987.
The property, located at 5672 Stoneridge Drive, consists of a two-story, 56,665 rentable square foot office building situated on 3.28 acres. The property is part of the highly desirable Hacienda Business Park in Pleasanton, CA. Built in 1985, the building features improvements consistent with its current use as a regional courthouse and the administrative offices of the California court system. The property also offers parking for 223 vehicles for a ratio of 4 spaces per 1,000 rentable square feet.
The former owner purchased the property shortly after construction due to the long-term NNN lease, backed by a quality credit government tenant. Falcon has overseen the management of the asset since the early 90’s. “The sale of the property in Pleasanton is in line with Alameda County’s plans to build a new courthouse in neighboring Dublin, CA in the next few years”, said Scott Bennett, Chief Operating Officer of Falcon Real Estate. On the overall performance of the portfolio, Bennett noted, “the client has enjoyed stable returns for 25 years, realizing consistent performance through multiple real estate cycles. The successful disposition of the final asset in 2013 is very much in line with the client’s investment strategy.”