Willow Ridge Provides Unique Office Ownership Opportunities

By Nicole Zaro Stahl, Hacienda Network Staff Writer

The time to buy real estate may not be right for everyone, but values are available right here in Hacienda for businesses that can take advantage of current market conditions. Hacienda's Willow Ridge LLC is making a unique type of ownership available in the park. The 30,000 square foot building at 5890 Stoneridge Drive, at the corner of Willow Road, is one of Hacienda's first office condominium conversions, and, with limited space remaining, is closing out office condo sales.

"You can't get a much better location than this corner. It's a seven-minute walk from BART and right next to 580 and 680," says Aron Hoenninger, the Lee & Associates broker who is marketing the property. Lee & Associates, described as "the nation's largest broker-owned commercial real estate services firm," bought two of the Willow Ridge condos to house its own Pleasanton offices in 2007. Now it is winding up the sale of the last third of the building, with condos ranging in size from 1,000 to 5,000 contiguous square feet.

There are minimal alternatives for small businesses to own property in Pleasanton, points out Phil Yee of Heritage Associates, Willow Ridge owner/developer. "The city is 'landlocked.' To have your own 1,000 square foot building is no longer feasible, not even in a private home, so this is a great opportunity."

Yee's company purchased the Class A building, originally configured for a single user, about three and a half years ago and tore it back to the core to create smaller offices. The new layout features common kitchen/break rooms and restrooms on each of the two floors, along with a conference room serving the entire facility. The shared spaces allow condo owners to make maximum use of the square footage they have purchased, while wide hallways and perimeter windows give the building an airy feel.

If desired, Heritage Associates will deliver the condo property as a turnkey project. "Most prospective owners do not have the time or interest to attend to all the details involved in outfitting a space - like working with architects or shepherding the project through the permitting process. We will assist with the layout and provide construction management services to help ease the fit," Yee explains. "We are unique in having the skill sets necessary to deal with all these issues, making it easier for the buyer."

Hoenninger details some of the advantages from the financial perspective. "When you own the property, you don't have to worry about escalating rent or about changing your address again. The current low interest rates make owning just as competitive a bargain as renting, after taking into consideration tax benefits from depreciation, principal paydown, and related tax-deductible items."

The constrained economy has created a window of opportunity for companies looking to own their own space as part of a long-range plan. "In the long term, real estate will still be a great investment," Hoenninger says. For more information, contact Hoenninger at (925) 460-6200.

Photo: Aron Hoenninger is marketing Willow Ridge office condos for his firm, Lee & Associates.

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