The Landing

Oakland, Ca

Address:   303 & 333 Hegenberger Road

Year Built:   1970 & 1974

Building SF:   198,133 SF

Purchase Price:   $21 million

Closing Date:   December 13, 2017

Projected Hold Period:   2 Years

Highlights

Off-market acquisition of 2 building office project at a major discount to previous purchase price and replacement cost. The property was 82% leased at acquisition.
  • Significantly repositioned project with a $4 million capital plan that upgraded building lobbies, lighting, common corridors, restrooms, exterior paint, elevator modernization, new roof and building signage.
  • Executed over 25,000 square feet of leases to bring project to 91% leased in 9 months.
  • Increased rents by more than 60% in first year of ownership.

OVERVIEW

66.24%

Projected IRR

2.67X

Equity Multiple

2 Years

Hold Period