"A Concord office complex that was shoved into receivership due to its failed loan was bought at a discount, suggesting regional commercial real estate values remain locked in a nosedive. Two office buildings on Grant Street were purchased for $45.3 million, documents filed on Feb. 10 with the Contra Costa County Recorder's Office show. Office building at 1755 Grant Street in Concord. (Google Maps)"
"That is a 69% plunge from the $146.1 million that the sellers paid in 2018, this news organization's review of the grant deeds for the two transactions shows. AXS Opportunity Fund, a Beverly Hills-based investment firm that acted through an affiliate, bought the buildings, which total a combined 477,500 square feet, according to a marketing brochure. One building is a 13-story office tower at 1655 Grant St. and totals 292,900 square feet."
"The other is a four-story office site at 1755 Grant that totals 184,600 square feet. Stapleton Group, a court-appointed receiver, conducted the property sale. The buildings were shoved into receivership after the prior owner, an entity affiliated with Partner Group and Swift Realty Partners, became delinquent on a loan for the site. The drop in the price for the buildings hints that the property might suffer a drop in its assessed value."
Two office buildings on Grant Street in Concord were purchased for $45.3 million. The sale price represents a 69% decline from the $146.1 million paid in 2018. AXS Opportunity Fund, through an affiliate, bought the properties, which together total 477,500 square feet. One building is a 13-story tower at 1655 Grant St. totaling 292,900 square feet; the other is a four-story site at 1755 Grant totaling 184,600 square feet. Stapleton Group, a court-appointed receiver, conducted the sale after the prior owner, affiliated with Partner Group and Swift Realty Partners, became delinquent on the loan. The lower price may reduce assessed value and threaten local property tax revenues.
Read at www.mercurynews.com
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