California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Invesco’s $102M Loop Center Buy Paves Way for Stabilization
Invesco Real Estate recently acquired the 332,117-square-foot North and South Loop Center at Harbor Bay Business Park in Alameda from San Francisco Bay Area-based commercial developer srmERNST Development Partners in partnership with Hillwood for $102 million. The properties are zoned for manufacturing, research and development and office, allowing for a wide variety of life science uses.
“Alameda and The Loop project, in particular, will be home to early and mid-stage manufacturers as they develop their technologies,” said Shannon Aquino, director of investment management at Invesco. “With the proliferation of life science, food tech and materials science, we think The Loop provides a high-value proposition in the market for tenants seeking advanced manufacturing space.”
Rebranded “The Loop,” the project consists of six newly constructed buildings located at 2115, 2095, 2065 and 1955 North Loop Rd. along with 1410 and 1430 Harbor Bay Pkwy. This includes six shell buildings featuring 24- to 28-foot clear heights, dock high and at-grade doors as well as ample power and parking.
Invesco brings significant capital for interior improvements and will partner with srmErnst to stabilize the portfolio for life science and advanced manufacturing. Harbor Bay Business Park is anchored by Exelixis, Penumbra and Abbott Diabetes.
“Invesco’s acquisition will allow them to take advantage of the maturation of the Bay Area life science
industry that spans the breadth of medical, agricultural and industrial technologies,” Joe Ernst, president at srmERNST. “As companies focus on quality assurance and onshoring, domestic GMP facilities have become critical for companies to manage their throughput and fuel their growth.”
Mark Kol, Mike Raffetto and Austin Hinder of CBRE represented parties in the transaction.
“Alameda is a growing and mature market for cutting-edge life science companies,” said Kol. “We have had a wave of interest from these users demanding modern state-of-the-art buildings.”
- ◦Sale/Acquisition
