(EDITOR’S NOTE: According to public records, the transaction closed on June 20, 2018 for $41,537,500, or roughly $316 per square foot.)
LOS ANGELES, CA (June 20, 2018) — Hackman Capital Partners, LLC, a Los-Angeles based real estate investment and operating company, announced today the purchase of a five-building, 131,451-square-foot portfolio in the East Bay infill market of Emeryville, California. The portfolio, commonly known as the “Emeryville Exchange,” is 87% occupied by 16 tenants.
The five buildings, several of which have been converted from industrial space to creative offices, are situated in two areas of the burgeoning city, 10 blocks apart. Hackman Capital plans to further renovate the properties to leverage the market’s strong creative-office demand.
“We’re thrilled to be entering the East Bay, which fits our investment target of high barrier-to-entry markets in pathways of growth,” said Matt Landstrom, Vice President of Acquisitions for Hackman Capital. With its dynamic, pro-business economy and abundant amenities, including an exceptional transportation infrastructure, Emeryville is evolving quickly and thoughtfully.”
Located 10 miles east of San Francisco, between Berkeley and Oakland, Emeryville sits at the confluence of several major highways, three international airports, transcontinental rail, one of the world’s busiest bridges, and the Port of Oakland, one of the most active containers ports in the US.
Emeryville also is home to a diverse mix of major corporations—including Pixar Animation, Bayer, Novartis, Clif Bar, Jamba Juice, Peet’s Coffee and Adobe-Systems-owned, TubeMogul, a tenant in the portfolio. The city has the additional benefit of a highly talented labor pool, due to its proximity to UC Berkeley, UC San Francisco and Stanford.
MORE ABOUT THE PORTFOLIO
The Thoroughbred Building • 1250 53rd Street • 77,543 SF • 86% Occupied
Built in 1927 as a single-story brick industrial building, the Thoroughbred Building was constructed as a showroom and distribution center. Converted to creative offices, the building offers unique features—exposed brick, open floor plates, tall windows and high ceilings. A parking spur that originally functioned as a portion of the horse race track for the Oakland Trotting Park now offers 102 parking spaces with an additional 130 spaces to the east of the site.
Jelly Bean Square • 6400 Hollis Street & 1350, 1351,1355 Ocean Avenue • 53,908 SF • 89% Occupied
Jelly Bean Square, a name that pays homage to the main building’s roots as the former Jelly Belly distribution center, is home to the portfolio’s remaining four buildings located at 6400 Hollis Street and 1350, 1351 and 1355 Ocean Avenue. Buildings feature high exposed ceilings, up to 23 feet, abundant natural light, bow truss ceilings, concrete floors and open floor plans.
About Hackman Capital
Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on commercial and industrial properties in major U.S. markets. Founded in 1986, the company has invested more than $2.6 billion in properties across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet. More than 6.2 million square feet of those properties have been located in California.
The company’s most notable Southern California projects include The Culver Studios, a 14.3-acre film and television studio campus and future home of Amazon Studios, The Culver Steps, a 1.16-acre, mixed-use development, directly adjacent to The Culver Studios, a 75,000-square-foot creative office conversion at 5500 West Jefferson Boulevard in Los Angeles, a 550,000-square-foot creative campus conversion in El Segundo, the Beats/Apple Southern California headquarters, and Westwood One Studios.
Hackman Capital Partners is headquartered in Los Angeles, California and has additional offices in Chicago, Illinois and Columbus, Ohio. With its related entities, it employs a staff of more than 60 professionals.