Korean firm buys 52,000 square-foot Walnut Creek building for $11.1M
San Francisco Business Times, 3/15/2012
The Ottex Corp., a Korea-based food brokerage firm, recently bought a three-story, 52,000-square-foot office and retail building at 1655 N. Main St. in Walnut Creek for $11.1 million or about $213 per square foot. The seller in the deal was MCC Realty.
The building has abot 12,400 square feet of groundfloor retail and close to 34,000 square feet of rentable office space on the second and third floors. The retail tenants include U.S. Bank, La Scala Café, Rain Tigi Boutique Salon and CopyMat.
The office space was about 10 percent vacant when Ottex bought the building. The firm plans to move about eight employees into 3,000 square feet in the building.
Ottex previously leased space in Concord and wanted to buy its own real estate, said Dan Briner, of the Briner Property Group, who represented the buyer in the deal.
The company looked for about a year and a half to find a building to purchase before closing in on 1655 Main.
The building, built in the 1980s, includes an atrium in the center and is at the intersection of Main Street and Civic Drive — one of the busiest intersections in Walnut Creek.
“This building has a lot of potential for growth when the office and retail market comes back,” Briner said. “We were able to pick this up below replacement costs. Our criteria was an asset that could be a longterm hold.”
Whiff Collins of Cassidy Turley represented the seller in the deal.