The buildings sit on 4.5 acres that were included in the sale. Ellis Partners declined to confirm the sales price, which local industry sources tells GlobeSt.com was approximately $12 million. An acquisition loan was provided by Bank of America. The seller is listed as Gee-Aspora LLC, a San Francisco-based family company co-managed by Gloria Y. Gee.
UT Starcom leases 97% of the space at Alameda Technology Center for its corporate headquarters. The company controls the space under three separate leases with staggered expirations.
Jason Morehouse of Ellis Partners says the long-term viability of the asset was significantly improved recently with the completion of Ron Cowan parkway, which provides more immediate access to the Harbor Bay submarket from the I-880 freeway.
"We expect this market to draw tenants seeking a high quality business park environment at rents that are competitively priced versus the higher cost surrounding areas of Berkeley, Emeryville, and Oakland, which are seeing higher rents and a growing lack of available space," Morehouse says.
Michael Speers and Tucker Beim of NAI BT Commercial had the disposition assignment. Ellis Partners represented itself.
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