ALAMEDA, CA–Alameda Center, a four-building,155,040-square-foot office property portfolio has been acquired byPCCP LLC with a reported purchase price of $19.6million. The seller was Steelwave (formerly knownas Legacy Commercial).

Erik Flynn, managing director with PCCP, tellsGlobeSt.com: "PCCP sees Alameda Center as an attractive officechoice for tenants who desire to be close to the city whilemaintaining the comforts of a low density office park. Through ourownership, we anticipate completing targeted capital projects thatwill further enhance Alameda Center's positioning in themarket. The project's high-quality office space provides agreat alternative for tenants who are being priced out of theneighboring markets of San Francisco, Oakland and Emeryville–all ofwho are experiencing rapidly rising rents. Additionally, with thepending 50,000 square foot vacancy, we will be one of only a fewlandlords in the East Bay able to offer contiguous vacancy of thatmagnitude.”

Located at 2430 to 2490 Mariner Square Loop, Alameda Center iscomprised of two, two-story and two, one-story buildings that wereconstructed between 1990 and 1998. At the close of escrow, theproperty was 89% occupied by 11 tenants representing a variety ofindustries including architecture, biomedicine, document solutions,energy storage, law, engineering and executive recruiting. PCCP iscurrently implementing targeted capital improvements to theproperty including adding tenant-friendly features such as lunchtables and an outdoor amenity area, as well as improving signage,repainting common corridors and renovating bathroom areas.