Bullock Capital Secures $18.9MM in Financing for Two Off-Market Bay Area Office Assets

Bullock Capital JLL refinance 1504 Franklin Oakland 69 Green San Francisco East Bay Bay Area commercial loan lending
1504 Franklin in Oakland

The loans are secured by 1504 Franklin St. in Oakland and 69 Green St. in San Francisco, California

(EDITOR’S NOTE: Both properties were acquired recently. The property located at 1504 Franklin St. closed on March 18, 2022 for $13.6 million, while the building located at 69 Green St. sold on December 6, 2021 for $6.5 million.)

SILICON VALLEY, Mar. 30, 2022 – JLL Capital Markets announced today that it has arranged $18.9 million in two separate financings for 1504 Franklin St. [in Oakland] and 69 Green St. [in San Francisco], two office properties located in the San Francisco Bay Area.

JLL worked on behalf of the borrower, Bullock Capital, to secure two separate floating-rate acquisition loans through Northern Trust. Northern Trust provided a $10.5 million loan for 1504 Franklin St., and an $8.4 million loan for 69 Green St. to facilitate the acquisition and stabilization of each asset.

1504 Franklin St. is positioned in Oakland’s central business district close to numerous retail, restaurant and transportation options. The 27,440-square-foot building features 25,000 square feet of office space and 2,000 square feet of retail space.

69 Green St. is located in the highly coveted North Waterfront / Jackson Square submarket of San Francisco. The four-level, 13,500-square-foot building will be repositioned into Class A creative office space to capitalize on strong office demand for best-in-class space in the North Waterfront / Jackson Square submarket. 

The Bullock Capital team was led by CEO and Founder Ben Bullock and Vice President Kenny Bruzzone.

“Our team’s ability to be nimble in the face of a disjointed office market has allowed us to come away with these two extremely well-located off-market acquisitions, each at a phenomenal basis, at a time when it is beginning to look like COVID is finally behind us,” says Bruzzone.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jordan Angel and Director Taylor Gimian.

“JLL is incredibly excited to be part of Bullock Capital’s acquisition of these two great office assets,” Angel added. “1504 Franklin has the best tenant improvement build-outs I’ve seen in Oakland, including pioneering building systems well-positioned for today’s ESG-focused tenant base. 69 Green’s location is ideally located in the hot North Waterfront / Jackson Square market and when the renovation is complete will offer a tenant the unique opportunity to control their own building with a best-in-class build out.” 

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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About Bullock Capital

Bullock Capital is a Bay Area commercial real estate operating company that acquires and manages office investment properties. For more information, please visit: bullockcapital.com. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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