Industrial Assets Trade for $35M in Special Servicing

Some industrial assets in Pleasanton have made a splash in the transaction market. The three East Bay warehouse/distribution centers commanded $35.1 million and were acquired by Ridge Capital Investors LLC and Contrarian Capital Management LLC.

The joint venture bought the properties in a deal brokered by special servicer CW Capital. The assets are part of the Hacienda Business Park.

Asking rents in the buildings, which total just over 191,000 square feet, are at $19.20 per square foot. Currently, there is 40,000 square feet of vacant space.

Ridge Capital is going to pump $3 million into the facilities for renovation and plans to rename the area as Diablo Technology Center.