November 20, 2015 Miami Investor Beats Other National Bidders to Buy Oakland Tech Office
Market Street Real Estate Partners has purchased an office complex in Jack London Square for $11.5 million, beating out other national firms in a sign that Oakland is commanding wider investment interest.
Miami-based Market Street previously purchased six San Francisco office buildings and is making its first Oakland deal. It bought three properties, known as The Commons at Jack London Square, which include 384 Embarcadero West, 140 Franklin St. and 160 Franklin St. They total 43,033 square feet and traded for $267 per square foot.
The seller was San Francisco-based Graham Street Realty, the office division of Hamilton Zanze & Co., which bought the property for $7.3 million in 2008,according to PropertyShark, making a profit of $4.2 million in seven years.
“The sale was a good opportunity to exit an asset that we bought at the last market peak, and redeploy the solid gains to advance our investment platform going forward,” said David Messing, principal of Graham Street Realty, said in a statement.
Read more at San Francisco Business Times