Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) today announced that it has represented private real estate investment firm Gavello Properties in the $12.8 million sale of its office and retail development in San Ramon, Calif. The two-building site, located at 3150 and 3160 Crow Canyon Road, was purchased by an investment group 3160 Crow Canyon LLC (3160 CC LLC).
C&CCNKF’s team including Rick Steffens, Mike Zylstra, Forrest Gherlone, Knute Bucklew and Sean Cooley represented Gavello Properties. Kevin Herman of Herman Commercial represented 3160 CC LLC. Elizabeth Crandall of Sonoma Bank’s Walnut Creek branch secured the approximately $9 million conventional loan.
“San Ramon has traditionally been a strong East Bay market,” said Rick Steffens, senior vice president of C&CCNKF. “We received wide interest from the investment community given the development’s full occupancy and location in the heart of the downtown retail and commercial district, and we were pleased with the strength and speed of the 3160 CC Offering. It was a very productive and collaborative sale process between Gavello Properties, 3160 Crow Canyon LLC, and lender Sonoma Bank.”
Chili’s restaurant occupies 3150 Crow Canyon Road, the 5,700-square-foot retail property. The 76,700-square-foot 3160 Crow Canyon Road office building is fully occupied by tenants including anchors CMG Financial and IntegraMed America.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
About C&CCNKF East Bay Investment Services Team
The C&CCNKF East Bay Investment Services Team is a full service investment brokerage team specializing in retail, office, industrial and multi-family properties throughout Northern California. With over 50 years of experience and $1 Billion in completed transactions, Sean Cooley, Mike Zylstra and Forrest Gherlone provide clients with the professional expertise, best-in-class resources and pertinent real-time information necessary in today’s constantly evolving commercial real estate marketplace.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
ABOUT HERMAN COMMERCIAL
Herman Commercial is an independent commercial brokerage firm located in Walnut Creek, Calif. specializing in delivering personalized service and expertise to our clients for over 28 years. We focus on the Leasing and Sales of Office, Industrial and Retail properties as well as consulting and receivership work. Herman Commercial clients appreciate our dedication to a transaction from the original concept to closing.