Invesco acquires North & South Loop Center at Harbor Bay Business Park from srmERNST for $102M

The sale includes six newly-developed buildings covering 332,171 square feet in Alameda
By: Harbor Bay Business Park
 
ALAMEDA, Calif. - June 14, 2021 - PRLog -- Invesco Real Estate announced they acquired the 332,117 square foot North & 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 $102M.

Rebranded "The Loop," the project consists of six newly constructed buildings located at 2115, 2095, 2065, and 1955 North Loop Road and 1410 and 1430 Harbor Bay Parkway. This includes six shell buildings featuring 24′ to 28′ clear heights, dock high and at-grade doors as well as ample power and parking. The properties are zoned for manufacturing, research and development and office, allowing for a wide variety of life science uses that will take advantage of one of the most prominent and active life science clusters in the United States.

"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."

Invesco brings significant capital for interior improvements and will partner with srmErnst to stabilize the portfolio for life science and advanced manufacturing. Anchored by Exelixis, Penumbra, and Abbott Diabetes, Harbor Bay Business Park is experiencing tremendous life science and medical device manufacturing growth. srmErnst is currently developing over 550,000 square feet of office and dense lab facilities for companies in the park.

"We are excited to partner with Invesco for this next phase of the North & South Loop Center," said Joe Ernst President at srmERNST. "Invesco's acquisition will allow them to take advantage of the maturation of the Bay Area life science industry that span the breadth of medical, agricultural and industrial technologies. As companies focus on quality assurance and onshoring, domestic GMP facilities have become critical for companies to manage their throughput and fuel their growth. This project is no exception and is set to become one of the most state-of-the-art facilities in East Bay."

Construction of the shell buildings was completed in May 2021. 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 and look forward to working with Invesco and srmErnst to continue the momentum at The Loop at Harbor Bay."

About Harbor Bay
Harbor Bay Business Park offers a campus-like environment with spaces built to current codes, properties with a flexible footprint, and features that support the needs of R&D, manufacturing, and other innovative life science businesses. With lower business taxes, a business-friendly City, an expedited permit process, and power provided by a City-owned utility, Harbor Bay is ideally located in Alameda and offers easy access to transit. Learn more at https://www.harborbay.com/.

About srmERNST
Headquartered in Oakland, srmErnst is a privately-owned, full-service real estate development, investment and advisory firm focusing on value-add infill office, industrial, mixed-use and turn-key build-to-suit opportunities in the San Francisco Bay Area. Learn more at http://www.srmernst.com/.

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Madison Daily | NINICO Communications
madison@ninicocommunications.com
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Tags:Harbor Bay Business Park
Industry:Real Estate
Location:Alameda - California - United States
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