April 26, 2016
Register today to attend Connect San Francisco on May 12th at The Hibernia Bank to hear about all the transactions affecting the Bay Area’s CRE market.
New York-based Brookfield Office Properties is reportedly putting its Marina Village office complex in Alameda, CA up for sale. The 1.1-million-square foot office, flex and tech campus that encompasses some 200 acres and 30 buildings could generate offers north of $200 million, and would be one of the largest portfolio sales so far this year.
The asset is expected to sell for slightly less than what’s currently being realized in downtown Oakland, as a result of its more suburban location and lower rents. Brookfield acquired the property in 2014 from Legacy Partners, which had defaulted on the property’s loan. A subsequent capital improvement program has revitalized the asset, and boosted occupancy to 80%.
Representatives of Brookfield, as well as Eastdil Secured, the firm with the sales assignment, declined to comment.