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NORTHERN CALIFORNIA NEWS
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East Bay Office Property Trades Hands

7/20/15

Alameda Center, a four-building, 155k sf office property portfolio in Alameda, was acquired by PCCP LLC for $19.6 mil ($126/sf). The property is located at 2430 to 2490 Mariner Square Loop, adjacent to the intersection of Webster St and Constitution Way, near the Oakland Inner Harbor Channel. It was sold by a Legacy Commercial-related entity.

Alameda Center is comprised of two, two-story and two, one-story buildings that were constructed between 1990 and 1998. At the close of escrow, the property was 89 percent occupied by 11 tenants representing a variety of industries including architecture, biomedicine, document solutions, energy storage, law, engineering, and executive recruiting.

PCCP is currently implementing targeted capital improvements to the property including adding tenant-friendly features such as lunch tables and an outdoor amenity area, as well as improving signage; repainting common corridors; and renovating bathroom areas.

“One of Alameda Center’s largest tenants will be relocating to another property later this year,” said Erik Flynn, managing director with PCCP. “This will provide PCCP with the opportunity to add value through an aggressive repositioning and leasing campaign, at an ideal time as the East Bay office market continues to strengthen.”

Alameda Center is well-located in a growing North Alameda submarket. It is adjacent to the 72-acre Alameda Naval base redevelopment and is near the recently opened Alameda Landing, a redevelopment project that has replaced large warehouses with a 291k sf, Target- and Safeway-anchored retail center providing new amenities for the North Alameda office submarket. Rising rents and occupancy in the Emeryville and Oakland markets continue to solidify the Alameda office market as an attractive, low cost alternative for East Bay tenants.





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