California Capital & Investment Group Acquires One Concord Center Office Building For $40.5M

The 369,000-square-foot One Concord Center located at 2300 Clayton Road in Concord has been sold for $40.5 million. The property, an office building, was acquired by California Capital & Investment Group (CCIG) from Bridge Investment Group. The sale price translates to a per square foot rate of $110. CCIG's purchase of One Concord Center was valued at under 60% of pre-pandemic levels, reflecting the current conditions of the office market.

Summary of transation details

• Property Type: Office
• Transaction Amount: $40,500,000
• Address: 2300 Clayton Road
• Market: Concord

Len Epstein, representing California Capital & Investment Group, led the acquisition of One Concord Center. The deal was facilitated by broker Breck Lutz from Newmark. CCIG, optimistic about the future recovery of the office market, sees the purchase of One Concord Center as a strategic opportunity, especially considering the current high vacancy rates. The company believes in the market's rebound within the next 2-3 years and has been actively pursuing various deals to capitalize on this potential.