Transactions - APRIL 5, 2016

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East Bay office campus sells for $113.5m

by Andrea Waitrovich

Stockbridge Capital Partners has purchased the Clorox Center in Pleasanton, Calif., for $113.5 million. Eastdil Secured represented the sellers, LBA Realty and VEREIT.

The office complex consists of five buildings, totaling 352,441 square feet, and includes 1,610 parking spaces.

In 2012, Cole Real Estate Investments purchased a majority stake in the office complex for $96.5 million, while LBA Realty kept a minority stake and remained responsible for property management. In 2013, American Realty Capital Properties purchased Cole Real Estate for $6.85 billion. And in 2015, American Realty Capital changed its name to VEREIT.

Separately, Stockbridge is selling the Pacific Telephone Building in San Francisco to Pembroke Real Estate for an estimated price of $276 million.

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