Big East Bay office building owned by San Jose hotel owner is bought
PLEASANT HILL — An East Bay real estate firm has bought a high-profile office building in Pleasant Hill from a group headed up by the owner of a big downtown San Jose hotel, a property brokerage said Wednesday.
In the most recent deal, California Capital & Investment paid $38.5 million for The Terraces, a high-profile six-story office building at 2300 Contra Costa Blvd. in Pleasant Hill, according to CBRE, a commercial real estate firm that arranged the transaction. The $38.5 million price for The Terraces is considerably higher than the building’s estimated value of $30.5 million as of mid-2021, as reported by the Contra Costa County Assessor’s Office.
“The Interstate 680 Corridor office market remains an attractive investment for stable, value-add opportunities that are closer to where workers reside,” said Prosser, a CBRE executive vice president.
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