PCCP Sells Alameda Center Office Campus
North River Co. has purchased Alameda Center, a four-building, 155K SF office, research and development campus in Alameda.
The property sold for $44M, The Registry reports.
“Alameda Center received strong interest from a broad group of investors, both institutional and private, who recognized the high quality of the asset and durability of the tenancy. In addition, the fact that assets in Alameda are now pricing roughly half that of trades in downtown Oakland, just one mile away, presented an attractive value proposition for investors,” JLL's Rob Hielscher said in a statement.
Seller Pacific Coast Capital Partners, or PCCP, had purchased the property in 2015. At the time, it was 89% occupied by 11 tenants. The Registry reports PCCP bought the property in 2015 for $24.6M.
JLL Capital Markets handled the sale and financing of the property in this latest transaction. JLL's Hielscher, Michel Seifer and Erik Hanson led the sales team that represented PCCP. JLL's Alex Witt, John Manning and Tom Gilliland arranged the acquisition financing with North River. North River's Erik Burke, Lisa Whitescarver, Coleman Burke, Chris Flagg and Chris Pachios represented the company in-house.
North River owns and operates 4M SF of mixed-use properties in eight states.
Built in two phases between 1990 and 1998, Alameda Center is 100% leased and anchored by Sila Nanotechnologies. The company recently expanded on the campus to occupy 87K SF.
Alameda Center is next to the 72-acre Alameda Landing mixed-use development and near under-construction residential units, a public promenade and third commuter ferry terminal.