Florida buyer pays $97.3M for Pleasanton site

A Florida real estate firm has scooped up a huge industrial and office complex in Pleasanton, a fresh example of a widening shopping spree for properties that could be logistics centers for online commerce.

Elion Partners, acting through an affiliate, has bought a building at 4225 Hacienda Drive in Pleasanton, according to Alameda County property records filed on April 30.

EV 4225, the Elion Partners affiliate, paid $97.3 million for the building, the county public records show.

The building totals roughly 390,000 square feet, according to a marketing brochure circulated by Colliers, a commercial real estate firm; and Dermody Partners, the seller of the building.

Omron Robotics and Safety Technologies is the building’s current tenant.

The industrial and office complex sits on 22.4 acres, a post on the LoopNet property service states.

To bankroll the purchase, Elion Partners obtained a loan of $60 million from Salt Lake Citybased financial firm Zions Bancorporation.

A growing number of investors are seeking industrial sites and logistics centers to purchase, and more developers are building such properties in the Bay Area and elsewhere.

The boom in online shopping and other forms of electronic commerce has intensified the demand for logistics centers, industrial facilities, and warehouses that can handle deliveries and returns of purchased products.

Amazon has leased numerous large buildings and bought a number of sites in the Bay Area for its e-commerce and other operations. The tech titan even has bought empty farmland in Gilroy as part of its expansion efforts.

“4225 Hacienda Drive is the TriValley’s premier advanced manufacturing, warehouse distribution, and regional headquarters facil

ity,” Colliers stated in its brochure.

Colliers brokers Michael Lloyd, Nick Ousman, John Steinbuch, and Greig Lagomarsino were marketing the building to potential tenants prior to its purchase in April.

The purchase of a property in a choice site in the Bay Area meshes with Elion Partners’ overall strategy.

“Our portfolio is better suited to resist competition from new logistics product while benefiting from continual tenant demand” because Elion Partners focuses its investments in “high-growth urban markets,” according to a post on the company’s website.