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Legacy Partners Acquires Marina Village for $191M

Vintage Properties Sells 1.2M SF of Waterfront Office/R&D Property in Alameda
February 27, 2006
Legacy Partners Commercial Inc. acquired roughly 1.2 million square feet at Alameda's Marina Village mixed-use development on the waterfront of Oakland Harbor from Vintage Properties. Although the buyer declined to disclose the purchase price, sources indicated that the sale price was estimated at $191 million, or about $165.50 per square foot.

Marina Village consists of 34 office/R&D buildings, which house more than 100 tenants. The property features surface parking, fountains and landscaping in close proximity to Oakland International Airport, BART and retail services. There are 1,900 residential units planned or under construction nearby. The property was 70% leased at the time of the sale. Bill Nork, Bill Banker, Chris Johnke and Daniel Pivnick of Cornish & Carey Commercial - ONCOR were appointed exclusive listing agents for the property.

Cornish and Carey's Emeryville and San Francisco offices represented the buyer and the seller.

Please reference COMP #ALC-22766-02-0620 for more information.

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