{"id":1004384030,"date":"2020-01-21T08:07:39","date_gmt":"2020-01-21T16:07:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004384030"},"modified":"2025-02-27T21:50:01","modified_gmt":"2025-02-28T05:50:01","slug":"colliers-arranges-31m-sale-of-bay-area-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-31m-sale-of-bay-area-office-building\/","title":{"rendered":"Colliers Arranges $31M Sale of Bay Area Office Building"},"content":{"rendered":"

\"\"<\/a><\/p>\n

\"\"<\/a>

Sutter Square<\/p><\/div>\n

Colliers International has arranged the sale of Sutter Square, a 174,689-square-foot office building in Concord, Calif., for $30.9 million. Meridian sold the property, after nearly three years of ownership, to a joint venture between Barker Pacific Group and Iron Point Partners. Colliers\u2019 Bob Gilley, Brad Idleman and Andy Zighelboim represented both the seller and the buyer in the deal.<\/p>\n

The nine-story Sutter Square occupies 1 acre at 1800 Sutter St., within a cluster of retailers and eateries near Freeway 242, around 1 mile from downtown Concord. The office building is close to bus lines 20 and 320 on Clayton Road and it is less than 1 mile from the Concord BART station, which provides convenient access to San Francisco and the wider Bay Area.<\/p>\n

Value-add investment in focus<\/h2>\n

Built in 1988, the asset encompasses floorplates ranging from 15,000 to 21,000 square feet. Meridian, after acquiring the building in 2017, invested $4 million in capital improvements. Upgrades included chiller replacement and installation of automated building controls, a new roof, a new conference room with upgraded audio-visual equipment and a remodeled gym. Sutter Square is currently 90 percent occupied.<\/p>\n

 \u201cOur investment focus to acquire value-add opportunities in select submarkets will continue into 2020, as we expect a strong regional economy in the near term. Tenants want flexible, efficient space with access to transit and our future investments will be consistent with our history of finding well-located, attractive buildings that meet the needs of an evolving workplace,\u201d <\/em>said Meridian\u2019s Senior Vice President Awais Mughal to Commercial Property Executive.<\/em><\/p>\n

Last October, Meridian expanded its Bay Area portfolio with the acquisition of a 100,000-square-foot office building<\/a> in San Mateo, Calif. The company acquired the asset as part of their value-add office investment strategy.<\/p>\n

If you\u2019d like to be featured in Brokers\u2019 Corner, send your deal to <\/em>deals@cpe-mhn.com<\/strong><\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The brokerage firm represented both the seller and the buyer in the transaction. <\/p>\n","protected":false},"author":871,"featured_media":1004365520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,15],"tags":[48485,32763,37951,33332],"class_list":["post-1004384030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-west","tag-barker-pacific-group","tag-colliers-international","tag-iron-point-partners","tag-meridian"],"acf":[],"yoast_head":"\nColliers Arranges $31M Sale of Bay Area Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-31m-sale-of-bay-area-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Colliers Arranges $31M Sale of Bay Area Office Building\" \/>\n<meta property=\"og:description\" content=\"The brokerage firm represented both the seller and the buyer in the transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-31m-sale-of-bay-area-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-21T16:07:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-28T05:50:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/CPE-Brokers-Corner-827x400.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelyn Jozsa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-31m-sale-of-bay-area-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/colliers-arranges-31m-sale-of-bay-area-office-building\/\",\"name\":\"Colliers Arranges $31M Sale of Bay Area Office Building - 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