The life science commercial real estate industry remains perhaps the most active in the region, and opportunities for new development will most likely focus on that sector of the market in the near term. This is perhaps why the owners of a 5.5-acre parcel in Alameda are looking for the right buyer to help transform a waterfront property into a standout life science property that will build on the sector’s growing presence in the East Bay City.
The property, located at 2900 Harbor Bay Pkwy., is a vacant parcel that sits between the Harbor Bay life science campus and the Alameda ferry terminal. It is one of the last developable sites in this part of the East Bay and is just minutes away from the Oakland International Airport. Harbor Bay life science campus features 1.7 million square feet of space that has a vacancy of 2.3 percent, according to the property’s marketing flyer.
This part of the Eastern Shore is part of a three-pronged life science cluster that also includes around one million square feet of lab space at the Marina Village and the Berkeley/Emeryville cluster that has another 2.3 million square feet of lab space.
The owner of the 2900 Harbor Bay Pkwy. Property is an entity associated with Alameda-based Harbor Linx, a merger and acquisition company that owns a real estate development firm Circa 26. They are working with the San Francisco office of JLL to market the parcel, and some members of the team working on this initiative include David Dokko, Adam Lasoff, Erik Hanson, Nick Ever and Michael Matera.
The marketing materials state the property is can be acquired fully or developed in a joint venture with WS Management, the firm sponsor of a hospitality entitlement that was approved on the site previously. This entitlement was for a 172-room hotel, restaurant and cafe. The document states that a life science development would have to go through its own entitlement process. The estimated building size on the property would be around 120,000 square feet, according to JLL’s document. Overall, JLL estimates that there is around 1.7 million square feet of active tenant demand in the Alameda, Berkeley and Emeryville life science cluster.
The pricing guidance on this parcel is not available at this time, however, the unobstructed views of San Francisco and the Bay, as well as the multimodal access to transportation, make this a unique opportunity for any future development.