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4/04/22
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Bullock Capital recently acquired two office properties in the Bay Area, one in San Francisco and the other in Oakland.
Floating-rate loans for the properties totaling $18.9 mil were arranged by JLL and funded through Northern Trust. The loans were used to facilitate the acquisition and stabilization of each asset.
One of the properties is at 1504 Franklin St in Oakland’s central business district, close to numerous retail, restaurant and transportation options. The 27.4k sf building features 25k sf of office space and 2k sf of retail space. The property was financed with a loan for $10.5 mil.
The other property, 69 Green St, is located in the highly coveted North Waterfront / Jackson Square submarket of San Francisco. The four-level, 13.5k sf building will be repositioned into Class A creative office space to capitalize on strong office demand for best in class space in the North Waterfront / Jackson Square submarket. It was financed with an $8.4 mil loan.
The Bullock Capital team was led by CEO and Founder Ben Bullock and Vice President Kenny Bruzzone. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jordan Angel and Director Taylor Gimian.
“1504 Franklin has the best tenant improvement build outs I’ve seen in Oakland, including pioneering building systems well-positioned for today’s ESG-focused tenant base,” commented Angel. “69 Green’s location is ideally located in the hot North Waterfront / Jackson Square market and when the renovation is complete will offer a tenant the unique opportunity to control their own building with a best-in-class build out.”
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