Argosy Invests in Eastmont Town Center
On March 6, 2015, Argosy Real Estate Partners III, L.P. and its parallel Funds (“AREP III”) made a controlling investment in Eastmont Town Center, a 525,864 square foot Class B office property located in Oakland, California. The property is primarily leased to long-standing, credit tenants consisting of Alameda County and City of Oakland agencies which provide a variety of community-oriented social services. The property was acquired at a favorable cost basis well below replacement cost and comparable sales.
Eastmont Town Center is currently 80% occupied by thirty-one tenants, with less than 20% of the leased space expiring within the next five years and multiple long-term leases running through 2028. The property’s floor plans and layout reflect its original use as a retail shopping mall, offering a highly functional design for its tenants which collectively serve thousands of clients per day.
AREP III partnered with Vertical Ventures, a privately held real estate investment company focused on acquisitions of office and industrial properties in the San Francisco Bay Area. Cushman & Wakefield will provide on-site property management services and CBRE will provide leasing services.