A San Francisco real estate investment firm has purchased five Santa Rosa office buildings that a national real estate company lost last year in foreclosure.
Presidio Development Partners LLC paid almost $4 million last month for the five buildings that make up the Parkpoint Business Center on North Dutton Avenue near West College Avenue. To acquire the properties, Presidio entered into a joint venture with real estate equity firm Appian Capital of Larkspur and Newport Beach.
The properties, which lie within the Santa Rosa Business Park, previously had been owned by Chicago-based Equity Office, now an affiliate of The Blackstone Group. The buildings, which total 70,000 square feet, went through foreclosure after Equity Office defaulted on a debt reported at more than $7 million.
Presidio partner Cliff Miller said the five properties are well located near downtown, enjoy good visibility and are well suited for many businesses.
“Our strategy is to lease some of the buildings and to offer some of the buildings for sale,” he said. About 60 percent of the space is currently leased.
Presidio is offering for $1.2 million the building that included the former Sassafras restaurant, which closed a year ago. The property’s price amounts to about $110 a square foot, Miller said.
Cushman & Wakefield represented CW Capital, the loan servicer who foreclosed on the property.
— Robert Digitale