ALAMEDA — A shopping spree for office buildings in the tech and biotech hot spot of Alameda has widened with the purchase of another property on the island city by a Bay Area developer.
With the latest deal, Paceline Investors has now spent $69.3 million over the last few days for three office buildings in Alameda, focusing on an area whose tenants are primarily advanced technology and life sciences firms.
The buildings are all located in Alameda’s Harbor Bay district, an area dotted with an array of companies with cutting-edge products and services.
Real estate firms have undertaken property purchases or launched development efforts that indicate they believe the Bay Area economy will be fueled by the expansion of tech, biotech, and advanced manufacturing companies.
These are the Alameda properties that Paceline Investors has bought and the prices for each transaction, according to Alameda County documents:
— $31.75 million for 1420 Harbor Bay Parkway, a building totaling 121,600 square feet. Abbott Diabetes Care is a tenant in the building.
— 30.1 million for 1451 Harbor Bay Parkway, a building that totals 86,100 square feet. Kaiser Permanente Alameda has an office there.
— $7.4 million for 1350 S. Loop Road, a building totaling 38,900 square feet. TRIC Tools, a pipe repair and equipment maker, is a tenant.
“Paceline Investors focuses on infill Bay Area real estate where value can be created actively in both the short and/or the long-term,” the real estate firm stated on its website.
Another high-profile real estate investor grabbed several Alameda buildings in the vicinity about a month ago.
on May 26, Texas-based Invesco Real Estate paid $102.1 million for six properties in Alameda in the same area as the sites that Paceline Investors purchased.