NGKF Capital Markets today announced the $90 million sale of the 236,122-square-foot Walnut Creek Center, located adjacent to the Walnut Creek BART station. This transaction marks the first sale of the Class A asset since it was originally developed in 1983. Walnut Creek Center sold to a joint venture between PCCP, LLC and Align Real Estate. NGKF Capital Markets’ Steven Golubchik, Grant Lammersen, Tim Walling and Nicholas Alimam represented seller Northwestern Mutual in the transaction.
Walnut Creek Center is 96 percent leased to a diverse tenant base including Union Bank, engineering firm HDR, Inc., Ameriprise Financial, Alaska National Insurance Company, Scottrade and Northwestern Mutual.
Located at 100 and 200 Pringle Avenue, Walnut Creek Center is proximate to the I-680 highway, and is also adjacent to the proposed master-planned Walnut Creek BART Transit Village which is scheduled to break ground later this year. As robust multi-family development continues nearby, it is estimated that 100,000 square feet of new retail space will be delivered, complementing the amenities already available to employees. To address the unprecedented demand for housing in the vibrant live-work-play city, more than 1,800 residential units are currently proposed, under construction, or recently completed within a one-mile radius of Walnut Creek Center.
About Northwestern Mutual Real Estate
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $41+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $7 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $14 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Align Real Estate
Align Real Estate, LLC is an owner, developer, and operator of real estate on the West Coast. Headquartered in San Francisco, the firm focuses on acquiring value-add office assets that offer investors compelling risk-adjusted returns and on developing sustainable, urban infill opportunities in transit-rich locations in the Bay Area, Pacific Northwest, and Greater Los Angeles markets.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.