$78M paid for a four-building Bay Area R&D / office campus
JLL Capital Markets led sales efforts for Britannia Business Center in Pleasanton, California
SAN FRANCISCO, Jan. 31, 2022 – JLL Capital Markets announced today that it has closed the $78 million sale of Britannia Business Center, a top performing R&D / office campus totaling 292,000 square feet in the Bay Area community of Pleasanton, California.
JLL represented the seller, which is managed by Virtua Partners, and procured the confidential buyer.
Britannia Business Center is positioned on 19.3 acres at 4125, 4155, 4255 and 4385 Hopyard Rd. along the Tri-Valley I-680 Corridor, a growing East Bay submarket. The property is directly off of Interstate 680 and is within walking distance of the Pleasanton BART station providing access to the entire Bay Area. In addition, Britannia Business Center benefits from the nearby life sciences corridor as well as being within driving distance of world-class universities and research institutions, including UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University.
Originally built between 1997 and 1998, Britannia Business Center consists of four buildings that feature attractive infrastructure for R&D, flex and office use, including 13’ to 20’ clear heights, eight roll-up doors, one dock high door and 1,600 to 3,000 amps available. The property is currently 68.6% leased with nearly half of the tenancy being credit tenants.
The JLL Capital Markets team representing the seller was led by Senior Directors Erik Hanson and David Dokko and Director Nick Deaver.
“Britannia Business Center has a superior location in the expanding Tri-Valley submarket, which has seen robust demand from a variety of R&D, flex and office users due to its easy access and close proximity to the core Bay Area submarkets, robust labor pool and considerable rental rate discount to neighboring markets,” Hanson said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Virtua Partners
Virtua Partners offers tax-advantaged commercial real estate for high-net-worth investors and institutions.To learn more, please visit: virtuapartners.com.