PLEASANTON — A big office complex in the East Bay has been bought for more than $150 million in a deal that shows investors still hunger for some Bay Area properties despite a frail commercial real estate sector.
Pleasanton Corporate Commons, a four-building office center, was bought for $151.8 million, according to documents filed on May 7 with the Alameda County Recorder.
Nome Capital Partners, a South Bay real estate firm that acted through an affiliate, led the buying group, the county property records show.
The just-bought buildings are at 6200, 6210, 6220 and 6230 Stoneridge Mall Road. Together, the four buildings total 595,600 square feet. The purchase also includes 1.2 acres of land in the office complex.
The office hub is across the street from Stoneridge Shopping Center and occupies a prime site near the Interstate 680 and Stoneridge Drive interchange.
Cushman & Wakefield commercial real estate executives Seth Siegel, Scott Prosser and Ryan Venezia arranged the property transaction. Brian Lagomarsino, an executive with Colliers, a commercial real estate firm; and Cushman & Wakefield executive Mitch Hertz provided local market expertise on the deal.
TPF Equity REIT, which is affiliated with Connecticut-based UBS Realty Investors, sold Pleasanton Corporate Commons to the Nome Capital Partners-led buying group.
The value of the just-bought buildings shows signs of erosion, according to documents on file with the Alameda County Assessor’s Office.
The $151.8 million purchase price for the office complex in the recent deal was 33.7% below the assessed value of $229.3 million for the four buildings and the slice of land, as of early 2023.
The seller in the deal for the office park provided the Nome Capital-led buying group with a $35 million loan at the time of the purchase.
Nome Capital Partners also landed a loan of $65.8 million from an alliance of Citi Real Estate Funding and Bank of America to help finance the acquisition.
Milpitas-based Nome Capital has bought another Bay Area office site in recent years.
In 2021, a Nome Capital Partners affiliate paid $79.5 million for an office building totaling 127,000 square feet at 1310 Harbor Bay Parkway in Alameda.
The Pleasanton buildings the Nome Capital-led group bought are leased to several high-profile companies.
10x Genomics, Blackhawk Network and Workday are among the tenants in the office complex, according to Google Maps.
“Our founders began investing their personal capital in real estate after the 2008 financial crisis to diversify their holdings and take advantage of mispriced commercial real estate across California,” Nome Capital states on its website.
Nome Capital has launched several funds that own an array of properties in California.
“The firm invests in and manages income-generating commercial real estate, with a current portfolio totaling $794 million,” Nome Capital states on its website.