ALAMEDA – Trade in office buildings in the Alameda tech and biotech hotspot has expanded with the purchase of another property in the island city by the Bay Area developer.
As part of the latest deal, Paceline Investors has spent $ 69.3 million over the past few days on three office buildings in Alameda, focusing on an area that is rented primarily by cutting-edge technology and life sciences companies.
All buildings are located in the Harbor Bay Alameda, an area home to many companies offering cutting edge products and services.
Real estate firms have made real estate purchases or launched development efforts that indicate they believe the Bay Area economy will be fueled by the expansion of tech, biotech and advanced manufacturing companies.
According to Alameda County documents, these are the Alameda properties that were acquired by Paceline Investors and the prices for each transaction:
– $ 31.75 million for 1420 Harbor Bay Parkway, a 121,600 square foot building. Abbott Diabetes Care rents in this building.
– $ 30.1 million for 1,451 Harbor Bay Parkway, an 86,100-square-foot building. Kaiser Permanente Alameda has an office there.
– $ 7.4 million to build 1350 S. Loop Road, a 38,900-square-foot building. The tenant is TRIC Tools, a manufacturer of equipment and pipe repairs.
“Paceline Investors focuses on infill properties in the Bay Area where value can be actively created in both the short and long term,” the real estate agency said in a statement on its website.
Another well-known real estate investor took over several buildings in Alameda about a month ago.
On May 26, Texas-based Invesco Real Estate paid $ 102.1 million for six properties in Alameda in the same area as the plots acquired by Paceline Investors.