Ridge Capital JV Makes $35M R&D Buy
Ridge Capital Investors and Contrarian Capital Management just scooped up a three-building, 191k SF Class-A office/R&D portfolio in Pleasanton for $35.1M. The properties were acquired as REO from a CMBS trust with CW Capital acting as special servicer. CW Capital took control in 2011 after the buildings and the market had suffered from high levels of vacancy during the recession. Currently, the three buildings are 80% leased and plans call for interior upgrades, new signage, landscaping, painting and parking lot upgrades.