West Contra Costa Unified School District
23,040 Square Feet
Terra Realty Advisors, Inc.
Refinance with COPS financing
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.