JLL engaged to handle leasing at +1MM Square feet Research Park at Marina Village
(EDITOR’S NOTE: According to sources with direct knowledge of the transaction detail, the purchase price was $265 million. Local Capital Group declined to comment and confirm the price. The asset that was acquired is now 78% occupied, and it is a headquarters location for a number of companies, including BioTime, Helitrope and Cost Plus World Market. The seller was Brookfield, which was represented in the transaction by the San Francisco office of CBRE. The lead person on the sale was Russell Ingrum, and others included Scott Prosser, Joe Moriarty, Kyle Kovac, Mike Taquino and Jack DePuy. This investment represents the fourth joint venture that Local Capital Group and DRA have created in the past 20 months. Local Capital Group has not determined at this time how much capital it will be spending to renovate the existing buildings.
“This is an exciting project for us and our partner, DRA Advisors LLC,” said Local Capital Group in a statement. “We look forward to working with the City of Alameda, the existing tenant base, and new companies to add life to the 27-building waterfront campus. We have a specific plan to bring Class A Life Science to the single-story buildings. There is limited supply, and we can accommodate users ranging from 5,000 square feet to 40,000 square feet through our 200,000 square feet of existing vacancy. We are in the process of assembling a seasoned team of Life Science architects, contractors, brokers and vendors to help us create this cluster of biotech firms.”)
OAKLAND, CA. — June 3, 2019 — New ownership at Marina Village, the one million square foot high quality office/research park on Alameda’s waterfront, means new amenities and other enhancements are on the way for both existing and prospective tenants. A fund controlled by DRA ADVISORS LLC, in joint venture with LOCAL CAPITAL GROUP, closed on the acquisition of the portfolio and one of their first moves was to engage JLL to handle leasing at the 27-building office and research park.
Sam Swan, Grant Yeatman and Scott Miller lead the team leasing on the property, which is looking to convert much of the available vacancy to top-tier life science and research space.
“The Research Park at Marina Village is a high-quality location minutes from downtown Oakland and BART. With 1 million square feet of product, it is big enough to give tenants the opportunity to expand in a thoughtfully planned research park located at the geographic center of the San Francisco Bay Area,” said Sam Swan, JLL.
The project has over 300,000 square feet of dedicated life science and research space. With 200,000 square feet of direct vacancy deliverable today, vacant space is being redesigned to accommodate sophisticated lab users. Vacant suites range from 5,000 square feet to over 40,000 square feet for a full-building user, with the ability to create a campus environment. This new inventory will be a welcome news to life sciences throughout the region, as growing tenants struggle to find viable options to develop research space.
“Ownership is committed to supporting tenants with programs to deliver new amenities as we transform Marina Village. The incentives, competitive lease structures, and innovative 1st tier Life Science space will be compelling for both growing tenants and their brokers,” Dan Goldman of DRA Advisors said.
The Research Park at Marina Village is a 60-acre office park set within a 200-acre master-planned community on the waterfront in Alameda, less than 15 minutes from Oakland International Airport. The 12th Street BART Station and San Francisco-Alameda Ferry provide easy public transportation access to the development, which is surrounded by shopping and retail amenities.
ABOUT DRA ADVISORS LLC
DRA Advisors LLC was founded in 1986 and is a Registered Investment Advisor that specializes in real estate investment and management for institutional investors. As of December 31, 2018, DRA has completed acquisitions of 1,642 properties in 38 states valued at over $32 billion, consisting of 53 million square feet of office, 57 million square feet of industrial, 60 million square feet of retail, and 69,697 multifamily units. DRA is headquartered in New York City, with regional offices in San Francisco and Miami. For more information, visit www.draadvisors.com.
ABOUT LOCAL CAPITAL GROUP
Local Capital Group is a diversified real estate investment company that operates commercial assets and develops residential, mixed-use projects. Founded in 2013, Local’s team has acquired an $850 million portfolio of assets. Headquartered in San Francisco, the Company owns and operates a commercial portfolio consisting of over 3.5 million square feet of office, industrial and R&D buildings throughout the Bay Area. Local’s development portfolio includes condominium and multi-family mixed-use projects in San Francisco, New York and Portland. For more information, please go to www.localcapgroup.com.
In Northern California, JLL is a market leader employing more than 1,200 of the Bay Area super-region’s most recognized and technologically-adept commercial real estate industry experts. The firm offers a broad range of services in the region including office, industrial/logistics, retail, healthcare and data center brokerage and provides landlord and tenant representation to many of the area’s largest owners and employers.
JLL has offices in San Francisco, Menlo Park, Oakland, Walnut Creek, San Rafael and Sacramento.
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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.