1451 Harbor Bay Pkwy
Alameda, CA 94502
Office Property For Sale

CBRE, Inc. is pleased to offer for sale the two-story, 86,055 square foot office property at 1451 Harbor Bay Parkway, located in the Harbor Bay Business Park in Alameda, California. Alameda is located in the Oakland/East Bay market, directly across the Bay from San Francisco. The property is 88% leased to Kaiser Foundation Health Plan, Inc. for its national 500-employee Human Resources Department. Kaiser has been the principal tenant in the property since 1997. It leases 75,489 square feet leaving 10,566 square feet on the ground floor available. Kaiser just signed another in a series of five-year extensions pushing its expiration date out to 11/30/22. They also have two additional five-year options at the greater of (i) then fair market rent, or (ii) the lease rent then in effect, with three percent annual bumps. Once the vacant suite is leased and the newly-executed Kaiser extension commences, the cap rate will approximate 9.5%. And if debt is utilized as modeled in our discounted cash flow analysis, the projected leveraged return is 17.39%. Harbor Bay Business Park is comprised of 2,766,154 square feet with a current vacancy of 10%. The Subject is in a master-planned development consisting of eight office buildings in a beautiful 24-acre landscaped environment with several water features. Penumbra, a medical devices company, occupies a portion or the entirety of seven buildings in Harbor Bay Park totaling more than 350,000 square feet on very long-term leases. Other major tenants in the area include Peet' s Coffee, County of Alameda, Abbot Diabetes Care, VF Outdoors, Frito-Lay, the Food and Drug Administration and the Oakland Raiders, to name a few. Located across the Bay from San Francisco, Alameda County is home to over 1.6 million people living in its 14 incorporated cities. Several attractive amenities are located throughout the County, including the Port of Oakland, the country' s fifth largest container port, nineteen BART stations and world-class research facilities such as the University of California, Berkeley and the Lawrence Livermore Laboratory.