WALNUT CREEK — An office building near the Walnut Creek BART station was bought at a price that suggests the new owner landed the property for an attractive value.
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.
The building’s purchase price was 19.6% below its January 2025 assessed value of $16.8 million, according to public real estate records.
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.
The difficulties in the East Bay office market were underscored with the foreclosure of three downtown Oakland office towers in recent days.
Still, some deals point to pockets of strength in Walnut Creek, such as the $162 million purchase of an office hub at 1331 and 1333 North California Blvd. in the downtown district in 2024.
Petaluma-based STG Group scouts for properties that it deems to be underperforming and that the company believes have plenty of upside.
The company, which is a group of real estate firms, owns 4.5 million square feet of office, retail, and industrial properties that have a combined value that tops $800 million, according to STG.
“The STG Group has used its management and development expertise to provide a commercial real estate product that anticipates and meets the needs of its tenants while concurrently energizing the local communities in which they do business,” the company states on its website.
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