Colliers International in Greater Phoenix recently completed the sale of Civic Center Place in Fremont, Calif., for $39.25 million or $354.63 per square foot.
Healthcare Realty Trust of Nashville, Tenn. purchased the property, located at 39141 Civic Center Drive, from Berkeley Land Company, a real estate firm in Danville, Calif.
The transaction was brokered by the Colliers Muirhead-Guglielmino-Gonzalez Investment Team, led by Marcus Muirhead, associate vice president, Greg Guglielmino, senior associate, and Steve Gonzalez, senior vice president.
Built in 1999, Civic Center Place is a four-story, 110,679-square-foot medical office building situated on 3.93 acres in Fremont, on the east side of San Francisco Bay. The property was 98 percent leased at the time of sale. The tenant mix is largely healthcare-related organizations, along with other local and nationally recognized companies.
Civic Center Place is adjacent to the Washington Township Hospital Campus and Kaiser Permanente Fremont Medical Center. The building resides along the future “Gateway” to the city’s downtown district. This setting offers multiple routes to surrounding areas and airports.
The buyer, Healthcare Realty, is a publicly-traded REIT that focuses on owning, managing, acquiring and developing outpatient medical facilities throughout the nation.
“As a result of a comprehensive global marketing campaign, the Colliers team generated significant interest from local, national and international investors,” said Muirhead, adding, “We are pleased that Healthcare Realty Trust was selected as the buyer due in part to their strong desire to enter the East Bay market and their unparalleled reputation in the medical office arena.”
Colliers International’s Muirhead-Guglielmino-Gonzalez Investment Team specializes in representing clients in the acquisition and disposition of general office and medical properties. The focus is to help clients expand, not just complete transactions. The team provides advisory and consulting investment services.