LOS ANGELES--(BUSINESS WIRE)--Lowe Enterprises Investors (LEI) in joint venture with Cigna Realty Investors has acquired 500 Ygnacio, an approximately 105,495-square-foot, four-story Class A office building in Walnut Creek, CA.
“500 Ygnacio is well-located in an established business area in Walnut Creek which is an attractive community in the greater Bay Area. It has a diverse tenant base and offers an option for businesses to locate near residences and amenities,” said Brad Howe, co-CEO of LEI. “We will implement a comprehensive capital improvement program to modernize the building which will increase its value and improve its competitive position.”
500 Ygnacio is located two blocks east of the downtown Walnut Creek BART station and less than one-half mile from the Interstate 680/Highway 24 interchange regional transportation corridor. A host of dining, shopping and entertainment options are a short walk away in downtown Walnut Creek and approximately one-half mile south is Broadway Plaza, the area’s largest retail center which can be reached via a shuttle service available at the BART station.
The building has many attractive attributes that position it competitively in the market, including ample parking, large efficient floorplates, two parking entrances and exits, elevators that go directly from tenant spaces to the garage and 12 private tenant suite exterior balconies.
LEI will improve the property, built in 1988, with interior and exterior upgrades, and new building systems. Among the plans being explored for the exterior is extensive landscaping to create shaded outdoor seating areas, new building arrival signage and furnishings for the tenant balconies. Interior corridors and common areas will be renovated with modern finishes and lighting. As tenant spaces become available they will be prepared as turn-key spec suites that may include exposed ceilings and concrete flooring at the entrances, carpet and paint.
“Walnut Creek is a solid market with office rents increasing approximately 10 percent in the last twelve months and significant construction of new residential communities including 126 units directly across the street from our building,” noted Howe.
At completion of the transaction Lowe Enterprises assumed management of the building and Newmark has been engaged to provide leasing services.
LEI was represented by Manatt and Eisner Jaffe in this purchase from the Pacific Eagle (US) Real Estate Fund.
About Lowe Enterprises Investors
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $24 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. For more information about LEI, please visit: www.leinvestors.com