JLL completes the sale of a medical outpatient building conversion

SAN FRANCISCO, Apr. 24, 2025 – JLL Capital Markets announced today that it has completed the sale of 4480 Willow Rd., a vacant office/R&D building that will be repositioned into a state-of-the-art medical outpatient building and surgical center in Pleasanton, California.

JLL represented the seller, Cannae Partners and REALM. The buyer was a publicly traded REIT.

Cannae and Realm acquired this asset off market in 2022. When purchased, it was understood that the building would be fully vacant in the ensuing months. After a modest repositioning the partnership soon found and executed a full building lease. For Cannae, this is the third sale or significant refinancing of R&D assets in the greater San Francisco Bay Area they’ve completed in the last half year.

4480 Willow Rd. is located on a 4.78-acre site close to Interstate 580 in Pleasanton. The surrounding area boasts a heavy concentration of medical facilities, including more than a dozen medical centers and more than 550 doctors within a two-mile radius. Additionally, the Pleasanton area has a population of close to 80,000 people ensuring steady demand for healthcare services.

Due for completion in 2026, 4480 Willow Rd. is fully leased for 10.5 years to Sutter Bay Medical Foundation, a subsidiary of Sutter Health. The 64,222-square-foot, single-story facility will feature medical outpatient space and a surgery center with a focus on orthopedics, gastroenterology, ophthalmology, urology, physical medicine and imaging.

The JLL Office Capital Markets team, including Senior Directors Michael Manas and Erik Hanson, Managing Director Adam Lasoff and Senior Analyst Caroline Reynolds, along with the Healthcare Capital Markets team led by Senior Managing Director Evan Kovac, represented the seller in the transaction.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2010 in San Francisco, Cannae Partners is a value-added, Bay Area real estate developer and investor. Changing market perceptions, fluctuating investment climates and evolving tenant demands force Cannae to be creative about product type and risk profile, but what doesn’t change is its passion to identify and invest in the best risk-adjusted real estate projects available.

REALM is a Nashville-based boutique investment firm focused on direct real estate investments for family offices and entrepreneurial investors. REALM targets middle-market opportunities across asset classes and geographies, employing strategies that include opportunistic vehicles, cash flow-focused investments, and tailored advisory services. With over $6 billion in completed transactions, REALM is built on trusted partnerships, aligned interests, and a broad national network of operating partners.