PRESS RELEASE


CRANBROOK REALTY INVESTMENT FUND L.P. SELLS CLASS A OFFICE IN CONCORD, CALIFORNIA, TO MERIDIAN PROPERTY CO. FOR $26.2 MILLION

September 21, 2017

CRANBROOK REALTY INVESTMENT FUND L.P. SELLS CLASS A OFFICE IN CONCORD, CALIFORNIA, TO MERIDIAN PROPERTY CO. FOR $26.2 MILLION
Transwestern Represents Seller, Retained to Provide Leasing Services

​Walnut Creek, CA – Transwestern today announces it represented Cranbrook Realty Investment Fund L.P. in the sale of Sutter Square, a nine-story, 174,689-square-foot office building in Concord, California. Transwestern Senior Vice President Scott Ellis, Investment Associate Sade Ghorban and Senior Managing Director Edward Del Beccaro represented the seller. Ellis and Senior Vice President Matt Hurd have been retained to provide leasing services for the property.

“Sutter Square is a valuable asset in the Concord marketand will be a solid addition to Meridian’s portfolio,” said Ellis. “With the Concord Naval development coming online in the near future, Sutter Square will continue to be a highly sought-after location for various industries.”

Acquired by Cranbrook in 1998, Sutter Square was 78 percent occupied upon sale. The property is approximately three blocks from BART and within walking distance of numerous restaurants. The most notable feature is its efficient, rectangular floorplates.

“In comparison to other Class A assets that have traded recently in downtown Concord, Sutter Square is a great value-add investment opportunity,” said Ghorban. “Cranbrook timed the sale perfectly with the incoming Concord Naval project, which we suspect will attract other investors to the Concord market.”

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Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the West region, follow @TranswesternWST.


Media Contact:
Dina Gouveia
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dina.gouveia@transwestern.com
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