The Montevina Business Park – formerly the site of the Livermore Valley Charter School – has been sold to 13 individual owners for a total of $ 29 million.
Livermore Valley Charter School and Livermore Valley Charter Preparatory High School closed on June 13, 2017, after the company that operated the schools, Tri-Valley Learning Corporation, filed for Chapter 11 bankruptcy.
At the end of the academic term and after the two schools closed, the LVJUSD board of directors revoked the company’s two charters, and the United States Securities and Exchange Commission laid charges against two officials of the Tri-Valley Learning Corporation for violating federal securities law, according to LVJUSD.
The entire campus vacated by the charter school, which is located at 3142 Constitution Drive in Livermore, is now occupied by owner-users from various sectors and services including unions, startups, a notary, a daycare , a music school and an emergency service. training center.
Colliers, a diversified professional services and investment management company, completed the sale of the 88,200-square-foot retail site earlier this year, the company said in a statement on Monday.
Redwood Property Investors – an Oakland-based real estate investment, development and operations firm – retained Colliers senior vice presidents Larry Easterly and Benjamin Harrison and late vice president John Hone in August 2019 to market and sell the 13 independent buildings of the property, individually subdivided. buildings of varying sizes between 3,600 and 13,200 square feet
The team held sales from August 30, 2019 and throughout the pandemic, signaling the sale of the final building on July 19, 2021.
âRedwood Property Investors had a rare opportunity to purchase the former charter school site and turn it into a very attractive asset suitable for office users,â Easterly said in the statement.
“The fact that the 13 buildings have changed hands almost two years to the day after their initial purchase and during a period when office sales activity has slowed considerably is extremely gratifying,” he added.
Harrison told Livermore Vine in an interview that before the pandemic they had hoped to sell all the plots within a year.
âBy January or February (of 2020) we had sold five of the buildings, so in six months we were quickly approaching half of the buildings sold,â he said. “We had a good momentum and a good pace and then, as you can imagine with the closing, it caused a lot of unease among buyers.”
Harrison said that in addition to low interest rates, he believes one of the reasons they were finally able to keep selling during the pandemic was the call for businesses to own their property and have more money. autonomy over their affairs with regard to masking and other pandemics. associated protocols.
The development initially included 16 buildings originally constructed in 2007. Two of the buildings were purchased as offices for the Livermore Valley Unified School District (LVJUSD) and the other by a school. Redwood Property Investors purchased the remaining 13 properties and pursued an individualized sales strategy.
Reid Settlemeier, managing director of Redwood Property Investors, attributed the company’s ability to successfully transform ownership from a school into a business park to their internal project management capabilities, the statement said.
Harrison noted that before it became a school site, the development was originally intended to be an office park when it was built. âIn fact, the circle has come full circle because it was designed for what it has become,â he said.
As part of the most recent transformation, Redwood Property Investors’ in-house construction team completed lightweight constructions, such as redesigning the old gymnasium and play areas to create parking requirements, preserve the landscaping and existing concrete and improve shared outdoor spaces.