CBRE Capital Markets has arranged the sale and acquisition financing of Marina Village, a 27-building campus totaling 990,678 square feet on over sixty acres of land along the Oakland Estuary.
CBRE Capital Markets’ Northern California Investment Sales Team including Russell Ingrum, Joe Moriarty, Scott Prosser, Kyle Kovac, Mike Taquino and Jack DePuy represented the Seller. Marina Village was purchased by a fund controlled by DRA Advisors LLC.
The offering presented a rare opportunity to acquire a nearly one million square foot office campus in Alameda just two miles from Downtown Oakland. Alameda is the newest beneficiary of ongoing tenant migration from San Francisco and the overall Bay Area to the East Bay. Over the past eight years, San Francisco’s soaring rents and scarce space opportunities have driven 116 office tenants to migrate to Oakland and Emeryville. As a result, Oakland’s and Emeryville’s vacancy rates now rank among the lowest in the nation, which along with their dramatic rent increases, are driving tenants to Alameda. Marina Village has attracted a growing number of technology and life sciences tenants, which now represent one third of Marina Village’s rent roll.
“Alameda’s transition from a former naval station to a live/work/play destination has made it an alluring alternative to San Francisco and other pricier Bay Area markets,” said Russell Ingrum, Vice Chairman in CBRE’s San Francisco office.
Marina Village provides tenants with a mix of office, flex and lab space, including single user building options. With waterfront views and onsite amenities including BART shuttle service and a fitness center, the property provides an all-in-one campus environment for tenants. Marina Village is also at the epicenter of significant residential and commercial development, including Alameda Point, Alameda Landing, Brooklyn Basin, Jack London Square, the former Coast Guard Housing and the future Oakland Athletics ballpark at the Howard Terminal.
The CBRE Capital Markets’ Northern California Team provides investment advisory and debt and structured finance solutions for institutional investors, private capital and corporate owners/users throughout the West Coast.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
