Developer to Add 55,000 Square Foot Expansion, Update Building Design
Nearon Enterprises, a privately held real estate investment company based in Danville, has announced plans to expand and upgrade their latest acquisition, the facility at 5725 West Las Positas Boulevard.
The property was developed by Hewlett-Packard in 1983, with a single 55,000 square foot structure. While that was all that was built at the time, the project was actually approved with a 110,000 square foot building - a fact that interested Nearon and contributed to their decision to acquire the property.
"This property was unique in that it was developed well below its full potential, with only a 55,000 square foot building on over 10 acres," says Tony Perino of Nearon.
He states that the situation "proved to be both an opportunity and a challenge."
"The opportunity is, of course, the ability to develop a new 55,000 square foot building in a shorter time frame and to leverage the existing site improvements - the mature landscaping, parking lot, etc. - over a larger project," he explains. "The challenge has been to blend the architectural styles of two buildings separated by nearly two decades."
Nearon's design addresses the latter issue by enhancing the existing building through a number of architectural features and by creating two outdoor courtyards that will connect the two buildings.
Construction is expected to begin early next year, with the new building being ready for occupancy by early 2002.
"The existing building will remain open for occupancy throughout the construction of the new building," he adds.
Echoing the sentiments of other owners and tenants, Perino says the company believes the Tri-Valley is a good investment for the long term.
"We see Hacienda as a leading office park in the area due to its central location, proximity to major highways, mass transit, and the critical mass of strong companies within the park."
Nearon Enterprises currently owns approximately 1,100,000 square feet of residential, commercial, industrial, multifamily and office buildings, as well as significant land holdings in Hawaii and the Western U.S.
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