Hall Equities Group is pleased to announce it has sold its interest in 1111 Civic Drive, a three story 75,000 sq. ft. office building located in downtown Walnut Creek, California, to Mechanics Bank. Mechanics Bank is a 105 year old $3 billion family owned independent bank headquartered in Richmond California. Mechanics Bank will be relocating many of its operating units from several different locations in the East Bay into the prominent building located at the corner of Civic Drive and Ygnacio Valley Road.
Hall Equities Group will be retained by Mechanics Bank to provide asset management services and assist the Bank in orchestrating extensive remodeling of the building. As part of the transaction, Mechanics Bank will also be acquiring a lease/option from an affiliate of Hall Equities Group, for the adjacent 1101 Civic Drive property containing a 5,000 sq ft building previously occupied by Stewart Title Company. A Hall Equities Group entity acquired the building in February of this year, by way of purchasing a defaulted mortgage note collateralized by the property from a consortium of banks. Hall Equities Group took title to its interest in the building by way of foreclosing on the asset shortly thereafter.
