Buchanan Street Acquires Newark Duo for $26M

Buchanan Street Partners has acquired Newark Tech Park, a 99,716-square-foot, two-building office and life science project for $26.2 million. Located at 8000 and 8100 Jarvis Avenue in Newark, CA, the East Bay property was 98% leased at time of acquisition.

According to Buchanan EVP Bob Dougherty, “With the 8100 Jarvis building likely to become fully vacant by mid-year 2020, Buchanan … plans to make significant upgrades to position the project to appeal to both life science and tech users.”

Buchanan financed the acquisition through assuming an in-place CMBS loan on 8000 Jarvis and securing a new bank loan on 8100 Jarvis. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk, and Edmund Najera of NKF listed the property on behalf of the seller, New York-based Time Equities.

For comments, questions or concerns, please contact Chris Egger