Retail, Industrial, & Investment Property Advisor

How’s about this for a little trivia:

Q: What independent agency of the Federal Government owns 234 Main Street in Pleasanton?

A: The FDIC

This story starts back in January of 2007 when Guaranty Bank bought the building for almost $500 per square foot. The original plan was to gut the interior and renovate to accommodate the banks operations. In the summer of 2009 rumor was the bank would be bought out and sure enough the FDIC was appointed as a receiver in August ’09. The FDIC is offering the building for sale with no said asking price.

The Stats:

Building Size: 5,652± square feet

Land:  0.34 acres

Notes: The interior of the building has been completely gutted and it currently stands in shell condition. The entire roof needs to be replaced and from the looks of it, the unreinforced masonry building (URM) will need seismic upgrades. Due to limited parking, if you were to tear down the building, the rebuild would actually have to be less square footage than what is currently standing. Additionally, working with the FDIC is a near impossible task. Be ready for at least six months before a response to any purchase contract.

Despite the shortfalls in the details, what a great location with so much potential!