Updated May 12, 2025
Darren Richman Of Millrose Properties Purchases 11-Acre Office Campus In San Ramon For $50M
2301 Camino Ramon
$50,000,000
Building Size
—
Asset Type
Office
Closing
Apr 23, 2025
About this deal
AI
The 11-acre Bishop Ranch 11 office campus located at 2301 Camino Ramon in San Ramon has been acquired for $50 million. This property is categorized as an office asset and is situated in an evolving market that is undergoing significant changes.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,000,000
- Buyer: Darren Richman - Millrose Properties
- Seller: Alex Mehran Jr. - Sunset Development
- Acres: 11
- Market: San Ramon
The acquisition involved plans by Millrose Properties' partner, Trumark Homes, to redevelop the site into 195 homes. This effort aligns with Sunset Development's CityWalk Master Plan, aimed at converting office space into housing in Bishop Ranch.
On the Map
$50,000,000
Office
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Players
San Ramon Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93