JLL Capital Markets completed the sale of 4480 Willow Rd., a vacant office/R&D building that will be repositioned into a state-of-the-art medical outpatient building and surgical center in Pleasanton. The price was not disclosed.
The JLL Office Capital Markets team, including senior directors Michael Manas and Erik Hanson, managing director Adam Lasoff and senior analyst Caroline Reynolds, along with the Healthcare Capital Markets team led by senior managing director Evan Kovac, represented the seller, Cannae Partners and REALM. The buyer was a publicly traded REIT.
Cannae and Realm acquired this asset off market in 2022. When purchased, it was understood that the building would be fully vacant in the ensuing months. After a modest repositioning, the partnership soon found and executed a full-building lease to Sutter Bay Medical Foundation. For Cannae, this is the third sale or significant refinancing of R&D assets in the Bay Area completed in the past half year.
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