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
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.