SAN FRANCISCO, CA – HFF announced it has closed the sale of The Waterfront at Harbor Bay (top left photo), a Class A suburban office and industrial development totaling 381,439 square feet in Alameda, California.
HFF marketed the property exclusively on behalf of the seller, ALAMEDA WATERFRONT INVESTORS, LLC, L.P. an affiliate of BPG Properties, Ltd.
An unnamed buyer acquired the property for an undisclosed amount free and clear of debt.
The development is located within the Harbor Bay Business Park at 1601-1851 Harbor Bay Parkway near Oakland International Airport to the east of San Francisco Bay.
The development encompasses five Class A office buildings and one Class A industrial building. The property was originally completed in 2000 for Lucent Technologies. Currently at 85 percent occupancy, tenants include Simco Ion, ABB Concise, Webcor Builders and Citibank.
The HFF investment sales team representing the seller was led by managing director Steven Golubchik (middle right photo) and senior managing directors Michael Leggett (middle left photo) and Gerry Rohm (lower right photo).
“With stable in-place cash flow, improving market fundamentals and the highest quality project in Harbor Bay, the Waterfront at Harbor Bay attracted a multitude of institutional value-add investors, providing the opportunity to purchase the asset at a very attractive price-per-square-foot basis compared to historical trades in the submarket,” commented Golubchik.
Contacts:
STEVEN E. GOLUBCHIK
HFF Managing Director
(415) 276-6300
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
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