PLEASANT HILL — An East Bay real estate company has purchased a high-profile office building in Pleasant Hill from a group led by the owner of a major downtown San Jose hotel, a real estate agency said Wednesday.
The deal expands an East Bay real estate buying spree by California Capital & Investment Group, which in recent weeks bought a large office park in Walnut Creek and the office building in Pleasant Hill.
A senior California Capital executive gained notoriety in 2011 when he brandished a loaded shotgun to hold off Occupy Oakland protesters he feared would vandalize the historic office building his group owned at the time. in downtown Oakland.
In the most recent deal, California Capital & Investment paid $38.5 million for The Terraces, a six-story high-rise office building at 2300 Contra Costa Blvd. in Pleasant Hill, according to CBRE, a commercial real estate firm that arranged the transaction.
Eagle Canyon Capital, a San Ramon-based real estate company, has sold The Terraces office building to California Capital & Investment.
Sam Hirbod, the principal owner of the Signia by Hilton hotel in downtown San Jose, formerly the Fairmont, is the principal executive of Eagle Canyon Capital. Hirbod recently reopened the San Jose Hotel, which, when it came to the Fairmont, was closed for a year amid the economic hardship and financial troubles triggered by the coronavirus.
The $38.5 million price tag for The Terraces is significantly higher than the building’s estimated value of $30.5 million in mid-2021, as reported by the Contra County Assessor’s Office. Coast.
CBRE brokers Scott Prosser, Jack DePuy, Joe Moriarty, Mike Taquino, Kyle Kovac, Giancarlo Sangiacomo and Alec Haley represented Eagle Canyon Capital in the sale of the Pleasant Hill building.
The terraces were approximately 87% rented at the time of purchase. CBRE brokers Adam Ebner and Kirk Beebe are the building’s leasing advisors.
“The Interstate 680 corridor office market remains an attractive investment for stable, value-added opportunities closer to where workers live,” said Prosser, executive vice president of CBRE.
Oakland-based California Capital & Investment a few weeks ago purchased Walnut Creek Executive Park at 2125 Oak Grove Road in Walnut Creek.
California Capital is led by real estate entrepreneurs Phil Tagami and Len Epstein. Tagami confronted protesters in downtown Oakland in 2011 with a shotgun after it emerged they were about to vandalize the historic Rotunda office building.
Tagami led the restoration of the Rotunda building and the nearby Fox Theater in downtown Oakland.
Walnut Creek Executive Park, a 12-building office park with multiple addresses, was purchased by California Capital for $49.6 million, according to county public records. The office park totals 449,200 square feet.
California Capital may be looking to find new investment opportunities after selling a majority stake in the historic Rotunda office building at 300 Frank Ogawa Plaza in downtown Oakland.
In January 2022, California Capital sold the Rotunda, an icon of the Oakland skyline, in a deal valued at $93 million.
CBRE executives believe that the Terraces office building that California Capital has just purchased is ideally located.
“The Terraces has a great identity off the I-680 freeway and benefits from being within walking distance of shopping, dining and entertainment in downtown Pleasant Hill and Walnut Creek,” Prosser said.