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12/08/16
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HighBridge Properties has secured $25 mil in financing on 1500 Broadway, a 90k sf office property in Oakland. The four-story building is located at the corner of Broadway and 15th St.
The building was acquired by HighBridge after the previous owners had modernized it and repositioned it to take advantage of strong demand from tenants priced out of San Francisco. They then successfully re-leased the office space to VSCO, Fair Trade USA and Western Dental.
The new financing was arranged by Michael Mestel of Square Mile Capital Management LLC. The loan includes an allocation for future retail tenant improvement costs.
“With Oakland becoming the more affordable alternative to San Francisco, demand for creative office space has skyrocketed, with rents doubling in the past five years,” noted Mestel. “Downtown commercial occupancy continues to strengthen, and residential construction has accelerated to meet demonstrated need. 1500 Broadway is ideally situated in a prime location only two blocks from the BART and less than one mile from major interstate highways.”
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