San Leandro — A large office park in downtown San Leandro was bought by Ohio investors in a deal that shows big players are still trying to enjoy properties like East Bay.
Creekside Plaza Office Park was purchased for $109.6 million, according to documents filed June 9 with the Alameda County Recorder’s Office.
Boyd Watterson Asset Management, a real estate investment firm, bought the Office Park at 1100 San Leandro Boulevard. In San Leandro show ownership documents of the county.
The seller was Innisfree Cos., a real estate company that developed the office park and owned it for nearly 20 years.
Building at Creekside Plaza Office Park, 1100 San Leandro Blvd. in San Leandro. (Google map)
Cleveland resident Boyd Watterson also purchased a $70 million loan from Principal Life Insurance as part of the purchase package.
Creekside Plaza has a total area of 227,800 square feet and consists of three office buildings and a parking garage.
The deal marked the first time the office complex had been put on the market since Innisfree Cos developed the buildings.
Realtors Ryan Venezia, Barry Cohn, Seth Siegel, Steve Herman, Rick Ryan, Kevin Fleming and David Englert arranged the real estate deal with Cushman & Wakefield, a commercial real estate firm.
Tenants at Creekside Plaza include Alameda County Health Services Agency, Eastern Bay Regional Center, Papito Rotisserie and Antigua Coffee Shop.
The transaction shows that high-quality office properties continue to attract the interest of experienced buyers, even as economic uncertainties surrounding the pace and nature of the return to work associated with the coronavirus are also being considered personally.
Cushman & Wakefield brokers said the purchase was the largest deal, in dollar terms, for office property in the suburban East Bay market since 2019.