Ellis Partners sells Alameda office building

Ellis Partners recently completed the sale of Bay View Plaza a 62,000 square-foot office building in Alameda to Worthington Investments for $10.6 million or $171 per square foot. The property is located at 1600 Harbor Bay Business Parkway in the Harbor Bay Business Park nestled up against the Oakland International Airport. The two story building sits on roughly 3 acres and is anchored by OtisMed a business unit of Stryker Orthopedics. Good news for the new ownership is that the building was 93% leased prior to the transaction. Ellis partners bought the building in 2007 for $9.5 million as a time when it was disappointingly only 46% percent leased. Ellis at the time had the vision of stabilizing the asset while adding value with the intention to sell at some point. It looks as if all those goals were accomplished. Ellis Partners was represented by Grubb and Ellis which was founded by the Late Hal Ellis also the founder of Ellis Partners. As you can see the market is starting to get active again with credit flowing and outside capital pouring in. Look to see deals being taken advantage of in this buyers market.