Bay Area Campus Commands $78M

Britannia Business Center. Image courtesy of JLL

Virtua Partners has sold the Britannia Business Center, an office campus totaling 292,000 square feet in Pleasanton, Calif., for $78 million. JLL brokered the sale on behalf of the seller and procured the buyer.

Senior Directors Erik Hanson and David Dokko and Director Nick Deaver led the JLL Capital Markets team that represented the seller.

Asset details

The property last traded in late 2015, when the now-seller acquired it for $58.8 million. In 2018, Natixis Bank provided a $47.5 million loan to refinance the property.

Built between 1997 and 1998, the campus features four buildings. The asset also provides infrastructure for R&D, flex and office use, including 13-foot to 20-foot clear heights, eight roll-up doors, one dock high door and 1,600 to 3,000 amps. At the time of the sale, the property was 69 percent leased. Its parking ratio is four per 1,000 square feet.

Located at 4125, 4155, 4255 and 4385 Hopyard Road, the property is directly off of Interstate 680 and less than 2 miles south of the Pleasanton BART station, providing easy access into the Bay Area. The asset is also within a short driving distance of universities and research institutions, such as UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University.

Last year, Virtua Partners sold the most expensive office asset in the Las Vegas market in 2021—the 204,100-square-foot 2716 N. Tenaya. The building was fully occupied at the time of the sale.