(EDITOR’S NOTE: The sales price for the property was $44 million, or roughly $284 per square foot, according to sources that track the sale of office buildings in the East Bay. JLL, which brokered the transaction, declined to comment on the sales price. The seller was PCCP, which had acquired the property in July 2015 for $24.6 million, as stated in a board meeting document from the City of Fresno Retirement Systems.)
ALAMEDA, CA. (Jan. 7, 2019) – JLL Capital Markets has completed the sale and financing of Alameda Center, a 155,040 square foot, four-building modern office/R&D campus adjacent to Alameda Landing in Alameda, Calif.
The buyer, North River Company LLC, invests in markets with strong path-of-growth characteristics. Erik Burke, Lisa Whitescarver, Coleman Burke, Chris Flagg and Chris Pachios led the purchase. North River Company owns and operates four million square feet of mixed-use properties in eight states.
Rob Hielscher, Michel Seifer and Erik Hanson led the JLL Capital Markets team handling the sale on behalf of the seller, Pacific Coast Capital Partners (PCCP).
Alex Witt, John Manning and Tom Gilliland of JLL Capital Markets worked with North River to arrange acquisition financing.
“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,” said Rob Hielscher of JLL.
Alameda Center was built in two phases between 1990 and 1998. The property is 100 percent leased and is anchored by Sila Nanotechnologies, which recently expanded to occupy 87,000 square feet. The campus is adjacent to the 72-acre Alameda Landing mixed-use development offering significant existing retail as well as future residential amenities. Construction is underway north of the campus on hundreds of residential units, a public promenade along the estuary and a third commuter ferry terminal.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.