Eastmont Town Center

Oakland, CA

Address:   7200 Bancroft and 6955 Foothill

Year Built:   1965-1972 (Renovated in 1997 & 2009)

Building SF:   541,000 SF

Acquisition Date:   March 6, 2015

Projected Hold Period:   7 years


Enclosed shopping mall originally known as Eastmont Mall located on 33 acres in Oakland. The property was subsequently converted to multi-tenant office. With below market rents and occupancy of 82% at acquisition, the project presented an attractive opportunity to increase occupancy and NOI.
  • Acquired asset for a 10% cap rate with over 60% of the project occupied by credit tenants.
  • Executed approximately one million dollars of capital improvements including a new energy efficient “cool white” roof. Implemented other “green” energy improvements such as rooftop solar panels to reduce carbon footprint and utility cost
  • Increased NOI by over $1M in first 24 months of ownership due to significant reduction of operating expenses and aggressive lease-up of vacant space. Completed over 100,000 square feet of leases since acquisition
  • Refinanced the property in year 3 and returned over 100% of investor equity. Refinancing was achieved at a value 60% higher than acquisition price due to strong property cash flow and increased in NOI.
  • Produced an annual 15% cash on cash return in year 3 of ownership.

Overview - Realized Project Level Returns


Realized IRR


Equity Multiple

7 years

Hold Period