ALAMEDA, CA–Alameda Center, a four-building, 155,040-square-foot office property portfolio has been acquired by PCCP LLC with a reported purchase price of $19.6 million. The seller was Steelwave (formerly known as Legacy Commercial).
Erik Flynn, managing director with PCCP, tells GlobeSt.com: "PCCP sees Alameda Center as an attractive office choice for tenants who desire to be close to the city while maintaining the comforts of a low density office park. Through our ownership, we anticipate completing targeted capital projects that will further enhance Alameda Center's positioning in the market. The project's high-quality office space provides a great alternative for tenants who are being priced out of the neighboring markets of San Francisco, Oakland and Emeryville–all of who are experiencing rapidly rising rents. Additionally, with the pending 50,000 square foot vacancy, we will be one of only a few landlords in the East Bay able to offer contiguous vacancy of that magnitude.”
Located at 2430 to 2490 Mariner Square Loop, 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% 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.
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 291,000-square-foot Target- and Safeway-anchored retail center. Rising rents and occupancy in the Emeryville and Oakland markets continue to solidify the Alameda office market as an attractive, low cost alternative with attractive amenities for East Bay tenants.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. It has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has provided real estate owners and investors with a broad range of funding options to meet capital requirements. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. As previously reported, PCCP provided funding for the development at 645 Texas St. in San Francisco earlier this year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
