BPG Properties has bought The Waterfront at Harbor Bay Business Park, a 6-building, 385,000-square-foot business campus, for $63 million, BPG said today.
BPG, the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, said the $63,250,000 purchase of the 70 percent leased campus was made on behalf of BPG Investment Partnership VII.
The Waterfront is in Alameda, Calif., and is adjacent to the Oakland, Calif. airport. It was originally developed between 1996 and 2000 as a corporate campus for Ascend/Lucent Technologies and consists of four two-story office buildings, one single-story office and one distribution building.
The park is located on the San Francisco Bay waterfront, minutes from downtown Oakland and Interstate 880 and the buildings have unobstructed views of the San Francisco skyline.
“The East Bay market has continued to strengthen over the past two years. This acquisition presented a good opportunity to expand BPG’s West Coast holdings and acquire a quality asset in need of additional leasing in a market that is experiencing significant recovery,” said Elizabeth Owens, Senior Vice President of BPG.
Bill Palmer and Rick Ryan of The Palmer Team represented the seller in the transaction.
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