Two Iconic Brands Make Commercial Real Estate Moves In Concord, Calif.
Transwestern Brokers AAA Office Building Sale and a Separate Lease Bringing Viking Appliance Company to the City
Sep 30, 2013, 01:06 ET
CONCORD, Calif., Sept. 30, 2013 /PRNewswire/ -- Transwestern today announced that it brokered the sale of a 25,000-square-foot office building at 2055 Meridian Park Boulevard that was fully leased by AAA Northern California, Nevada and Utah. AAA sold the building to the Gumina Trust for an undisclosed amount. Additionally, Transwestern negotiated a separate lease nearby, bringing the Viking appliance company to an industrial space at 2355 Whitman Road. The Viking lease was for more than 11,000 square feet owned by Hofmann Plastering.
"The AAA Auto Club has been in this location since the building was constructed in 1981," said Transwestern Vice President Tom Caple, lead broker on behalf of Gumina. "It's a premium address next to the Department of Motor Vehicles and directly across the street from the Concord Home Depot, making the acquisition a solid value for the investor, with a per-square-foot price that's well below the replacement cost."
Gumina Trust purchased the two-story building and secured a long-term lease with AAA Auto to remain in its quarters. Kevin Mechelke of Jones Lang LaSalle represented AAA.
The decision for Viking to move from Hayward to Concord was the result of a corporate shift. Formerly a private company – manufacturing most of its high-quality products in Greenwood, Miss. – Viking Range LLC was purchased in December by the publicly traded Middleby Corporation, a global leader in commercial foodservice equipment.
"Viking initially plans to use the space for storage and the distribution of appliances and parts, but with the building's flexibility, excellent ceiling clearance and loading dock, it may construct a showroom there in the future," said Caple, who represented the building owner, Hofmann Plastering. "With this arrangement, Viking got a great space at an aggressive lease rate and Hofmann has a household name with strong credit as a tenant."
Jason Ovadia of Jones Lang LaSalle represented Viking in the transaction.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.
Jack Skelley, JSPR
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