San Francisco-based Ellis Partners LLC announced that it has acquired properties in two separate transactions in the Tri-Valley area of Northern California. The firm has acquired the 64,405 square foot two-story office building known as the “Franklin Corporate Center” located at 5100 Franklin Drive in Pleasanton, California. The project was acquired from a private investor and will be 100% vacated by long-term tenant Hitachi prior to year end 2012. The firm has also acquired the two-building 145,220 square foot office/flex project located at 455-477 North Canyons Parkway known as “North Canyons Tech Park” right off of Interstate 580 in the western edge of Livermore, California. The project was acquired from a lender in possession and will be 47% leased by year end; up from 27% due to a lease that was executed at the time of purchase.
Both projects present the opportunity to reposition and re-lease newer, high-quality, well-maintained, and well-located properties in the improving Tri-Valley market”, said Jason Morehouse, Senior Vice President of Acquisitions for Ellis Partners. “With these acquisitions, we will be able to provide a variety of size and space configurations at several different price points to growing Tri Valley businesses, particularly those with larger space needs, as the availability of larger blocks of space in the market continues to diminish. Franklin Corporate Center in particular will cater very well to a single user seeking a high identity building, although it also demises well for two to four tenants.” At Franklin Corporate Center, Ellis Partners will implement a major renovation of the building including lobbies, common areas and interiors as well as landscaping upgrades. David Orozco of Colliers International represented the seller and Ned Wood and Jason Chandler of Colliers International represented the buyer. The leasing for the property will be handled by Ted Helgans, Jason Chandler, and Ned Wood of Colliers International.
At North Canyons Tech Park, Ellis Partners will also perform renovations and upgrades to place the project in a lease ready condition. HFF represented the seller of the property and Dan Watson and Jeff Morgenstern of Cornish & Carey Commercial will handle the leasing for Ellis Partners.