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Deals & Dealmakers

Newmark Completes Sale of 52,000-Square-Foot Mixed- Use Property in San Ramon, California

Newmark announces it has completed the sale of 2551 San Ramon Valley, a 52,149-square-foot, mixed-use property in the heart of the Tri-Valley. The property was 90% leased at the time of sale to a diverse mix of office and retail tenants.

Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven
Golubchik
, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction. Vice Chairman advised on the retail component of the sale. The buyer was University Avenue Partners.

“2251 San Ramon Valley provides the investor with the rare opportunity to acquire a stabilized mixed-use property in the heart of the Tri-Valley, that is surrounded by a growing single and multi-family housing base,” said Golubchik.

“San Ramon has long been a highly sought-after real estate market and a wonderful community. We are excited to follow up our recent purchase in Pleasanton and increase our presence within the East Bay as we continue to expand our retail property portfolio,” said Don Tepman, Managing Partner of University Avenue Partners.

The property is prominently situated at the intersection of Norris Canyon Road and San Ramon Valley Road, providing visibility to traffic along one of the region’s major thoroughfares. The property is a short drive to 680 Freeway, offering connectivity to the greater Tri-Valley Region, and is also located steps from Bishop Ranch, the region’s master planned community and economic hub.

Historically, the Tri-Valley office and R&D market has been driven by large tenant activity, and this was indeed the case in the third quarter of 2022. Two headlining transactions drove the market, with Chevron and Sunset Development announcing the consummation of a ±400,000-square-foot lease at BR2600, and Unchained Labs finalizing a headquarters relocation of ±123,750 square feet. These two deals drove a positive absorption of 517,953 square feet for the quarter, dropping the availability rate by 177 basis points to 16.1%, according to Newmark Research.

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