"At 101 Ygnacio Valley Rd., the 78,200-square-foot building was purchased for $13.5 million by an affiliate of real estate firm STG Group, according to documents filed on Jan. 16 with the Contra Costa County Recorder's Office. Scott Prosser and Seth Siegel, executives with commercial real estate firm Cushman & Wakefield. arranged the purchase. Kansas-based Riffel Asset Management was the seller, county and state public documents show."
"If real estate values falter in a region, the decline could impede a crucial property tax revenue stream for cities, counties, regional agencies, and school districts. An assessed value is just one metric that can be used to gauge a property's worth. Cushman & Wakefield executives Brian Lagomarsino and Chad Arnold are seeking tenants for the building, which is at one of the key gateways into downtown Walnut Creek and the BART station area."
"The new owner has already launched renovations and upgrades of the property so it can become a tougher competitor in the local office market, according to a Cushman & Wakefield broker. The deal was accomplished at a time when some office sector weakness has emerged even in relatively sturdy markets such as Walnut Creek, which boasts a bustling downtown and a dining and shopping hub in Broadway Plaza."
An affiliate of STG Group bought the 78,200-square-foot office building at 101 Ygnacio Valley Rd. for $13.5 million. Scott Prosser and Seth Siegel of Cushman & Wakefield arranged the transaction, and Kansas-based Riffel Asset Management was the seller. The purchase price was 19.6% below the January 2025 assessed value of $16.8 million. Cushman & Wakefield brokers Brian Lagomarsino and Chad Arnold are marketing the property to tenants. The new owner has initiated renovations and upgrades to boost competitiveness. The sale occurred amid regional office-market weakness and potential impacts to property-tax revenue streams.
Read at www.mercurynews.com
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