$30.5 million sale of San Francisco Bay Area redevelopment site closed by HFF
SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $30.5 million sale of The Atrium at 1650 65th Street in the San Francisco Bay Area community of Emeryville, California.
HFF marketed the property on behalf of the seller, Griffin Capital Corporation. Gerding Edlen purchased the asset.
The Atrium is a 127,246-square-foot, value-add, one-story building. Renovated and seismically upgraded in 2004, the building was originally constructed as a warehouse in 1953 and converted into office space in 1990. The site could be redeveloped into creative office, retail, mixed-use or multi-housing space. The Atrium has immediate access to Interstate 80/580, which provides a direct route into both San Francisco and Oakland, via the building’s proximity to Shellmound Street, a major East Bay thoroughfare. The area surrounding the property is home to 10 corporate headquarters, including Clif Bar, Leapfrog and Pixar Animation.
The HFF investment sales team representing the seller was led by senior managing director and co-head of HFF’s San Francisco office Steve Golubchik and associate director David Dokko.
“The Atrium presents a unique opportunity to control a large block of office space in an infill urban location just minutes from downtown San Francisco,” Golubchik said. “With the added potential for redevelopment, the Atrium is a great fit for a group with Gerding Edlen’s expertise. The long-standing view of Emeryville as an institutional market continues today.”
About Griffin Capital Corporation
Griffin Capital Corporation (Griffin Capital) is a privately-held, Los Angeles headquartered investment and asset management company with a 21-year track record sponsoring real estate investment vehicles and managing institutional capital. Led by senior executives each with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 53.5 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 36.6(1) million square feet of space, located in 29 states, and 0.1 million square feet in the United Kingdom, representing approximately $6.3(1) billion in asset value, based on purchase price. Additional information about Griffin Capital is available at www.griffincapital.com.
(1) Includes the property information related to a joint venture with affiliates of Digital Realty Trust, L.P. and a joint venture in which Griffin-American Healthcare REIT III holds a majority interest.
About Gerding Edlen
Gerding Edlen is a national real estate investment and development firm focused on highly sustainable urban, infill, office, residential and mixed-use properties. Founded in 1996, the firm provides investors and partners an opportunity to achieve investment returns by creating and owning exceptional properties where people can live, work and learn. Gerding Edlen is an experienced developer and property manager in addition to its investment management, asset management, research and acquisition capabilities, adding value to its properties throughout the ownership cycle. www.gerdingedlen.com
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.