Premier Oakland Waterfront Retail and Office Space Changes Hands
- Mar 15, 2016
San Francisco—CIM Group has acquired Jack London Square, an approximately 434,000-square-foot mixed-use property on the waterfront in downtown Oakland, Calif., from Jack London Ventures, which consists of commercial realty firms Ellis Partners, Transbay Holdings and DivcoWest.
The sale price was not disclosed.
“We are very proud of our role in the renaissance of Jack London Square over the last 14 years,” Jim Ellis, Ellis Partners managing principal, said in a prepared release. “Through good economic times and bad, the dedication of many has helped further the square’s attraction as a world-class dining, entertainment, tourism and family destination on Oakland’s unique waterfront.”
The 12-acre property consists of three office buildings with ground and second floor retail totaling approximately 243,000 square feet, 191,000 square feet in three retail buildings, a 1,095-stall parking facility with ground floor retail, and three land parcels.
Additionally, CIM purchased two adjacent privately owned fee parcels, with plans to develop a residential tower of up to 665 units and a parcel entitled for the development of a 250-key, 220,000-square-foot hotel. Both projects will offer sweeping views across the Bay and of the San Francisco skyline.
Jack London Square’s seven mid-rise buildings are spread across the property around a central plaza that is programmed year-round with special events to enhance public engagement.
The waterfront provides a significant recreation opportunity including biking trails, picnic areas, and water sports and also offers numerous dining and entertainment options that appeal to employees, residents and visitors.
Jack London Square is accessible by ferry, Amtrak, BART and a free downtown shuttle service and is close to major transportation corridors including I-80, I-580, I-880, and I-980.
CIM’s Bay Area portfolio is now comprised of approximately 3.1 million square feet that includes a variety of Class A commercial properties in San Francisco and Oakland.
Image courtesy of Jack London Square