JLL Capital Markets has announced the successful sale of a vacant office/R&D building located at 4480 Willow Rd. in Pleasanton, California. The property is set to be transformed into a modern medical outpatient building and surgical center. While the sale price remains undisclosed, the buyer was confirmed to be a publicly traded real estate investment trust (REIT).
The transaction was facilitated by JLL’s Office Capital Markets team, including Senior Directors Michael Manas and Erik Hanson, Managing Director Adam Lasoff, and Senior Analyst Caroline Reynolds. They collaborated with the firm’s Healthcare Capital Markets team, led by Senior Managing Director Evan Kovac, to represent the sellers—Cannae Partners and REALM.
Cannae and REALM initially acquired the property off-market in 2022, anticipating that it would become fully vacant shortly thereafter. Following a modest repositioning of the asset, the ownership successfully secured a full-building lease with Sutter Bay Medical Foundation. This transaction marks Cannae’s third sale or significant refinancing of R&D assets in the Bay Area within the past six months.
The building is now poised for redevelopment into a state-of-the-art healthcare facility, aligning with ongoing demand for modern medical office space in the region.
