ABOUT THE PROPERTYZKS and Carlyle entered into a forward purchase contract to acquire Creekside Business Park from Opus West upon completion. The project was purchased vacant in shell condition. ZKS fully leased the building to 5 users - E-Loan, Allstate Insurance, Diebold, MCI and Nextel. The project was sold in March 2001 for $29.8 million, generating a realized IRR of 28%.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Opus West
Sold to Glenborough Realty Trust
Date Purchased July 1998
Date Sold March 2001
Purchase Price $15,200,000 ($89 psf)
PROPERTY DESCRIPTION
Location Dublin, CA
Submarket Tri-Valley
Property Type Office Flex
Property Description Two 1-story buildings
Rentable Square Feet 171,078
Year Built 1998