1020 Tenth Street, Modesto, CA
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Client's Objectives
- To develop an office building as part of the 10th Street Place Plaza that is shared with the JPA City/County government building, Brenden Theatres, and several retail establishments
- To attract national and regional credit tenants
Outcome
Centerra completed the development of this property in late 2001. Its opening coincided with the completion of the Plaza and was 100% occupied when it opened. Tenants included three NYSE listed firms (Salomon Smith Barney, Robert Half International, and Decision One Mortgage), two regional restaurant chains (Fuzio, and Me n’ Ed’s Pizza).
Property Specifics
- Property Type: Professional Office Building
- 33,000 sf of Class A space
- 7 tenants
- 95% occupancy
- Cost to Develop: $5.3m
- $575,185 in annual revenue in year one
- Financing: $4.0m
- 6.25% rate (10/15/2002)
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- 10-year term
- 25-year amortization
