2327 Blanding Ave
Alameda, CA 94501
Park Street Landing Ground Lease · Land For Sale · 3.55 AC

The offering provides an opportunity for an investor to acquire an unsubordinated ground lease with long term upside in both reversion and redevelopment. The property is located at a gateway location to the top retail corridor of Park Street in Alameda. Included is 154,638 SF of land plus an additional 59,677 SF of marina area. The leasehold shopping center (not a part of the offering) is an approximately 40,000 SF shopping center tenanted by a mix of local and national tenants including O’Reilly Auto Parts and Dollar Tree. The adjacent property is a 9-acre residential development that will boast over 200 town-homes and a major apartment development. When completed, the project will present an excellent blueprint for potential redevelopment of Park Street Landing when the leasehold ownership reverts to the control of the ground lease owner in 19 years. Alameda is a growing and innovative city within the San Francisco Bay Area with an estimated population of 78,338 residents. The Historic Park Street Business District is the main retail corridor on the island and one of the premier retail trade areas in the Bay Area. The high barriers to entry on the infill island of Alameda continue to increase value of both existing property and developable land. The north side of the island has recently experienced significant redevelopment of the former Naval Air Station including new construction in housing, office and retail.