500K SF Office Complex In Oakland Sells For $76M
The purchase was made by Tidewater Capital via an affiliate, according to public documents filed with the Alameda County Recorder’s office on May 9 and first reported by The Mercury News.
The occupancy rate is near 83% at the 500K SF property. It is occupied by several city agencies, including the county of Alameda, the Workforce and Benefit Administration, the Oakland Police Department and the Oakland Public Library. Other tenants are Quest Diagnostics and the Alameda Health System.
Tidewater did not purchase the retail portions of the property.
The seller was Vertical Ventures, which purchased the property in 2015 for $54M and invested $5M in improvements to the property over the next four years.
Newmark arranged the transaction.