Falcon Closes on Sale of Northern CA Property
Falcon Real Estate has sold a high quality office/industrial flex building in Salinas, California on behalf of a long-time European client. The sale of the California property closed on January 10, 2014 at a price of $4,435,000. The buyer of the property was a local real estate developer.
The property, located at 1566 Moffett Street, in Salinas, CA, is fully leased to McGraw-Hill. The property includes a 98,127 square foot (9,119 sq. meters), concrete panel tilt up flex office building. The building was originally constructed in 1984 and was renovated in 2004 in conjunction with McGraw-Hill’s occupancy. The exterior of the two-story building features extensive tinted glass window lines. The interior of the building is divided into two different sections; the first consists of the two-story front office portion while the second section includes the single-story flex/warehouse area that comprises the rear portion of the building. Building amenities include a full service cafeteria, covered storage areas, as well as grade level and dock high loading access. The building is situated on 7.88 acres (31,900 sq. meters) of land and includes surface parking for up to 453 vehicles. This represents a parking ratio of 4.62 vehicles per 1,000 square feet of building area.
The former owner purchased the property shortly after the 2004 renovation due to the long-term NNN lease, backed by a quality credit tenant. Falcon has overseen the management of the asset since the purchase.