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ALAMEDA, CA-A 121,216-sf office building at 1420 Harbor Bay Pkwy. here has changed hands for $22.5 million. Located within the 200-acre Harbor Bay Business Park, the building is 100% leased; Abbott Labs leases 90% of the space and the Federal Aviation Administration leases the remainder.

The new owner is Titan Real Estate Investment Group Inc. of El Segundo, in partnership with an institutional fund advised by Urdang Capital Management, an investment adviser out of Plymouth Meeting, PA. The seller was Brookwood Financial Partners, a Massachusetts-based private equity firm. The cap rate on the transaction is said to be in the 7% range.

The 2.9-million-sf Harbor Bay Business Park sits adjacent to Oakland International Airport. Abbott Laboratories, which has 6.5 years left on its lease, owns three of the surrounding parcels. The company’s Alameda-based Diabetes Care division develops and manufactures several glucose monitoring systems and test strips.

“[Our facility] is going to be part of their 500,000-sf diabetes headquarters campus,” Titan managing director Kevin Kaseff tells GlobeSt.com. “They have been pumping a ton of money into our facility and their surrounding parcels.”

Harbor Bay Business Park has had problems with ingress and egress to go along with a mid-teens vacancy rate. Now, the access problems have been solved and a large mixed-use development called Alameda Landing is under way on the 81-acre former US Navy Fleet Industrial Supply Center. Delivery of the first phase of office and retail buildings is slated for the second half of 2008.

“I just think the fundamentals will improve,” Kaseff says. “We’re looking at a five- to 10-year hold period.”

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