SAN FRANCISCO, CA (May 7, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has been selected to market for sale Edgewater Park Plaza (top right photo) in Oakland.The property consists of four two-story office buildings totaling nearly 205,000 square feet.
Located at 7700 Edgewater Drive, Edgewater Park Plaza is currently home to more than 50 tenants, including the American Postal Workers Union and Girl Scouts of America.
Located at 7700 Edgewater Drive, Edgewater Park Plaza is currently home to more than 50 tenants, including the American Postal Workers Union and Girl Scouts of America.
It is within close proximity to the Oakland International Airport and the Wal-Mart-anchored Hegenberger Gateway Shopping Center which was recently completed.
“Edgewater Park Plaza is one of the only office projects in the Oakland Airport submarket that offers tenants a premier amenity base within a business park setting,” said Edward Suharski,(middle left photo) executive vice president, Grubb & Ellis. “The property also provides investors the opportunity to acquire one of the leading office projects in the area at a substantial discount to replacement cost.”
Completed in 1976, the property offers excellent street visibility for tenant monument signage, onsite property management and onsite storage. The grounds include landscaped courtyards and water features that create an inviting business park environment.
Completed in 1976, the property offers excellent street visibility for tenant monument signage, onsite property management and onsite storage. The grounds include landscaped courtyards and water features that create an inviting business park environment.
“The Oakland Airport submarket has seen an increase in tenant demand over the past few quarters,” said Steven Golubchik, associate vice president. “It has been attracting tenants looking for low rent alternatives, outperforming many other East Bay submarkets during the current economic cycle.”In addition to Suharski and Golubchik, the San Francisco-based sales team includes vice president Seth McKinnon.
Contacts:
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com
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