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8/10/15
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True North Management Group, out of White Plains, New York, has purchased Plaza 360, a 114k sf office complex in Oakland’s Uptown submarket. The property was sold by ASB Real Estate Investments. Although a price was not given out, industry estimates peg the deal at around $28 mil ($246/sf).
Plaza 360 is located at 360 22nd St, a couple of blocks from Lake Merritt on the south side of Grand Ave. The property consists of two interconnected buildings constructed in 1920 and 1956, four and eight stories in height. There is also 8.5k sf of ground floor retail space that is currently vacant.
The property is situated near BART, AC Transit, and abundant parking. It contains a modern computerized HVAC system throughout, and sprinklers have been installed on most floors. In addition, upgraded electrical and new switchgear were installed in 1991. All floors have operable windows.
The company plans to initiate renovation work on the property and may consider converting some of the retail, currently vacant, into office space. Oakland’s Uptown area is seeing a lot of improvement and True North believes that it could evolve into more a live/work type of environment similar to other city center areas.
True North acquired the property through its True North Real Estate Fund III, a value-add commingled fund which is still taking investments. The firm also owns two other Bay Area properties, in Pleasant Hill and Milpitas.
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