1400 Marina Way South – Richmond, CA

In 2013, Terra Realty Advisors, Inc. negotiated on behalf of West Contra Costa Unified School District, a lease with option to purchase this 23,040 sf. building located near the Richmond Harbor. The lease rate was at market, with a provision all base rent paid would be credited against the final purchase price, if the district exercised their option. The MAI appraised value was $6,200,000. With the pre-negotiated rent credit, the district acquired fee interest March 2017 for $5,200,000, representing a $1,000,000 savings.

This complex transaction required processing a waiver of parcel map with the city, involving a public hearing along with negotiating several conditions of approval. In addition a reciprocal easement agreement was negotiated and defined between the building owner, district and another purchaser for the remainder 40,320 sf. building, to be used for a charter high school. Final closing coordination by Terra Realty Advisors resulted in an on time close, to meet existing conduit lenders “lock out” provision.