A large office and retail space in San Ramon has changed hands, with a San Francisco-based real estate company acquiring a third Tri-Valley property as part of its growing portfolio and venture into the East Bay.

The previous owner of the property at 2551 San Ramon Valley Blvd., Newmark, announced completion of the sale to University Avenue Partners, which has also recently acquired property in Danville and Pleasanton. Terms of the transaction were not disclosed.

"San Ramon has long been a highly sought-after real estate market and a wonderful community," said Don Tepman, a managing partner with University Avenue Partners. "We are excited to follow up our recent purchase in Pleasanton and increase our presence within the East Bay as we continue to expand our retail property portfolio."

With 90% of the property currently leased, Newmark emphasized the stability and appeal of the property as a selling point.

"2551 San Ramon Valley provides the investor with the rare opportunity to acquire a stabilized mixed-use property in the heart of the Tri-Valley that is surrounded by a growing single and multi-family housing base," said Steven Golubchik, executive vice chair and president of Newmark.

The property sits on the northwest corner of the intersection of San Ramon Valley Boulevard and Norris Canyon Road, with a mix of retail and office tenants including Erik's DeliCafe, Next Generation Marketing, Inc. and Lana's Nail Spa. The site is adjacent to the former Regal Crow Canyon theater property and across the street from the Twin Canyon Shopping Center.

The deal marks the third purchase of a Tri-Valley property by University Avenue Partners, which has also acquired the fully-leased Danville Pavilion near B Street and Crow Canyon Road, and is seeking to fill vacancies at 5321 Hopyard Road in Pleasanton.

Editor's note: A prior version of this story incorrectly described the relative location of the site in part. The property is located at 2551 San Ramon Valley Blvd., at the Norris Canyon Road intersection. Embarcadero Media regrets the error.