The Colorado Public Employees’ Retirement Association has picked up a shopping and restaurant plaza in Walnut Creek for $16.1 million.
An affiliate of the Denver-based pension fund bought Midtown Plaza at 1410-1444 North California Boulevard and two smaller commercial buildings next door at 1620-1628 Cypress Street, the San Jose Mercury News reported.
The seller was Nearon Enterprises, based in the East Bay city.
The association bought the 27,800-square-foot Midtown Plaza for $12.35 million, or $444 per square foot. It paid $3.75 million for the adjacent properties of unknown size.
Dallas-based L&B Realty Advisors, which helps large institutions find properties, was involved in the deal.
In June, Midtown Plaza had an assessed value of $8.6 million, 44 percent less than its purchase price. Tenants at the two-story complex include PBK Premier Bath and Kitchen, Woodhouse Day Spa and Galpao Gaucho Brazilian Steakhouse.
The two buildings next door were assessed at $3.9 million, 3.8 percent more than their purchase price, according to the Mercury News. Tenants include Extreme Pizza and the Cheese Steak Shop.
The combined price for the three buildings was 29 percent higher than the assessed value for the properties.
— Dana Bartholomew
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