San Francisco, Calif., July 17, 2015 – PCCP, LLC announced today that it has acquired Alameda Center, a four-building, 155,040-square-foot office property portfolio in Alameda, Calif.
Located in the East Bay market of San Francisco’s Bay Area at 2430 to 2490 Mariner Square Loop, Alameda Center is comprised of two, two-story and two, one-story buildings that were constructed between 1990 and 1998. At the close of escrow, the property was 89 percent occupied by 11 tenants representing a variety of industries including architecture, biomedicine, document solutions, energy storage, law, engineering, and executive recruiting.
“One of Alameda Center’s largest tenants will be relocating to another property later this year,” said Erik Flynn, managing director with PCCP. “This will provide PCCP with the opportunity to add value through an aggressive repositioning and leasing campaign, at an ideal time as the East Bay office market continues to strengthen.”
PCCP is currently implementing targeted capital improvements to the property including adding tenant-friendly features such as lunch tables and an outdoor amenity area, as well as improving signage; repainting common corridors; and renovating bathroom areas.
Alameda Center is well-located in a growing North Alameda submarket. It is adjacent to the 72-acre Alameda Naval base redevelopment and is near the recently opened Alameda Landing, a redevelopment project that has replaced large warehouses with a 291,000-square-foot Target- and Safeway-anchored retail center providing new amenities for the North Alameda office submarket. Rising rents and occupancy in the Emeryville and Oakland markets continue to solidify the Alameda office market as an attractive, low cost alternative for East Bay tenants.
About PCCP, LLC:
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
