The Landing

Oakland, Ca

Address:   303 & 333 Hegenberger Road

Year Built:   1970 & 1974

Building SF:   198,133 SF

Purchase Price:   $40.6 million

Closing Date:   October 31, 2019

Projected Hold Period:   4 Years

Highlights

Off-market acquisition of 2 building office project at a major discount to previous purchase price and replacement cost. The property was 92% leased at acquisition.
  • Acquisition of a recently renovated 2 building office complex with significant embedded upside from below market leases.
  • Over 65% of the GLA has rental rates that are approximately 40% below current market rates.
  • Recent capital improvements that upgraded building lobbies, lighting, common corridors, restrooms, exterior paint, elevator modernization, new roof and building signage.
  • Desirable Oakland, CA location easily accessible form Oakland International Airport and Interstate 880.

Overview - Projected Project Level Returns

24.3%

Projected IRR

2.3X

Equity Multiple

4 Years

Hold Period