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ScanlanKemperBard Buys East Bay Office Portfolio for $61.5 Million
PORTLAND, Ore., August 28,2007-BUSINESS WIRE-ScanlanKemperBard Companies, through SKB Real Estate Investors, LP and a co-investment vehicle, has acquired two office buildings in San Francisco's East Bay.
The Portland, Ore.-based real estate merchant banking firm acquired Berkeley Tower, a seven-story, 43,661 square-foot office building located in Berkeley, CA, and Jackson Center I & II, an eight-story, 123,200 square-foot office building and an adjacent parking facility located in downtown Oakland, CA. Overall occupancy is 80.5 percent. The aggregate purchase price was $61.5 million.
"Office rents in both Berkeley and Oakland are experiencing upward pressure as San Francisco rents rise to levels not seen in the marketplace since 2000," said Bob Scanlan, SKB Chairman and CEO.
Originally constructed in 1983, Berkeley Tower sits on approximately 0.19 acres in Downtown Berkeley at the corner of Shattuck and University Avenues, one block from the University of California's Berkeley campus. Lawrence Berkeley National Laboratories has leased the building's office space since 1999. The ground floor retail space is leased to a restaurateur and a coffee bistro.
Jackson Center I & II occupy 1.38 acres at the intersection of 11th and Jackson Street in the Oakland CBD. Originally completed in 1962, the asset underwent a major structural renovation in 2000 and 2001, including roof replacement, seismic repair and retrofit, a new HVAC system, plumbing and electrical replacement, cosmetic upgrades to the exterior and modernization of the elevators.
"Government and public sector agencies are the backbone of the Oakland CBD office market, and this property is located at the doorstep of the Alameda County seat," said SKB president Todd Gooding.
Jackson Center I is currently 73.7% occupied by the County of Alameda, the Social Security Administration, the Department of Homeland Security and the National Park Service. Jackson Center II is a single-story structure with underground parking facility for 65 vehicles. Formerly tenanted by the County of Alameda, Jackson Center II is entitled for a 104 unit, mixed-use residential development.
SKB owns 1.7 million square feet in the Bay Area, including the recently acquired San Francisco Giftcenter & Jewelrymart.
About ScanlanKemperBard Companies
Founded in 1993, SKB acquires industrial, retail and office properties in the Western United States. For more information, photos or interviews, contact SKB principals Bob Scanlan or Todd Gooding at 503-220-2600 or visit http://www.skbcos.com/. This press release is not an offer to sell or the solicitation of an offer to buy any security.
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