Alameda Tech Center was a three-building, 70,070 square foot, flex office/industrial complex located in Alameda, CA. Built in 1990, the high quality and well-maintained buildings severed as general office and laboratory space serving the San Francisco bay area market.
In early 2012, G8 acquired the 1st trust deed secured by 1255-1275 Harbor Bay Parkway. The original loan matured in 2011 and the borrower had failed to pay off the loan and was no longer making payments due to a drop in occupancy. Upon acquisition of the loan, G8 made contact with the borrower and negotiated an amicable deed in lieu of foreclosure and the asset transferred to G8.
After taking over the project, G8 negotiated for significant early termination payment from a tenant that had a substantial lease term remaining but had ceased operations in the space. With the project vacant, G8 sold the entire complex to an owner/user for a combination of cash (returning all initial equity plus profits) and a new 17,000 building the owner/user was vacating at 2000 North Loop Road, Alameda. G8 then flipped the smaller 17,000 square foot building to a second owner user for a very attractive return.