ABOUT THE PROPERTY
Stoneridge I, II, & III is part of the five building
Stoneridge Corporate Plaza, located at the intersection of I-580 and
I-680, adjacent to the 1.3 million square foot Stoneridge Mall. The
buildings were purchased at a 23% discount to replacement cost. In place
rents were under market and net operating income was projected to rise
35% over the next four years as 60% of the existing leases were set to
expire. Shortly after purchase, market demand increased and ZKS lead the
market in increasing rental rates. We were fortunate to sell this
property, in a package with Stoneridge 4 and Stoneridge 5, just as the
market was peaking. The buildings were sold for $255 per square foot, a
record Tri-Valley sales price at the time. Stoneridge I, II, & III
generated a realized IRR of 117%.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Mozart Development/Bristol Group
Sold to Hines Interest/CALPERS
Date Purchased December 1999
Date Sold January 2001
Purchase Price $64,000,000 ($170 psf)
PROPERTY DESCRIPTION
Location Pleasanton, CA
Property Type Class A Office
Property Description One 3-story, one 4-story and one-5 story building
Rentable Square Feet 376,821
Year Built 1986 - 1989