500K SF Office Complex In Oakland Sells For $76M
The Eastmont Town Center, an office complex that was once a mall at 7200 Bancroft Ave. in Oakland, has been purchased by Tidewater Capital for $76.2M.
The purchase was made by Tidewater Capital via an affiliate, according to public documents filed with the Alameda County Recorder’s office on May 9 and first reported by The Mercury News.
The occupancy rate is near 83% at the 500K SF property. It is occupied by several city agencies, including the county of Alameda, the Workforce and Benefit Administration, the Oakland Police Department and the Oakland Public Library. Other tenants are Quest Diagnostics and the Alameda Health System.
Tidewater did not purchase the retail portions of the property.
The seller was Vertical Ventures, which purchased the property in 2015 for $54M and invested $5M in improvements to the property over the next four years.
The purchase comes as office usage and direct vacancies in the Bay Area are lagging most of the country, though the East Bay is generally performing better in terms of demand than San Francisco.
Newmark arranged the transaction.
