JV Buys 15-Story Building In Oakland
UPDATE, JUNE 23 1:50 P.M. PT: CBRE Capital Markets arranged $95.2M in financing for the acquisition of 180 Grand Ave. A seven-year floating rate, non-recourse loan was provided by Square Mile Capital on behalf of the borrower. CBRE Executive Vice President Brad Zampa, Senior Vice President Mike Walker, Lead, Production Analyst Megan Woodring and Analyst, Financial Taylor Shepard were involved in the financing arrangement.
ORIGINAL STORY:
Harvest Properties in a partnership with KKR acquired 180 Grand in Oakland. Owners Ellis Partners and Artemis Real Estate Partners sold the property for an undisclosed sum. This will be KKR’s first investment and Harvest’s fourth investment in Oakland. KKR is making the investment primarily through its Real Estate Partners Americas Fund. Ellis Partners purchased the building in 2014 and renovated it.
“[Oakland is] a market we believe has attractive long-term secular growth trends driven by its accessibility to transit, a growing retail amenity base and a meaningful amount of residential development,” KKR co-head of real estate acquisitions Justin Pattner said.
The Class-A 15-story office building offers 19K SF floor plates with an offset elevator core allowing for single- and multi-tenant occupancy. The property includes a mix of traditional office build-outs and open ceiling and open plan creative spaces. The 278K SF building is 95% leased to a variety of tenants, including AMEC Foster Wheeler, Healthnet of California, Marqeta, Bank of America, Charles Schwab and Deloitte.
The building includes a 10-level parking structure and is close to the 19th Street BART station, downtown Oakland, Lake Merritt and Uptown Oakland. Amenities include bike storage, a fitness center with locker rooms and an outdoor meeting courtyard with WiFi.
