Vertical Ventures, a private equity investment firm based in Walnut Creek, today announced the purchase of Eastmont Town Center, a 541,390 square foot office property located in Oakland, CA.
Eastmont Town Center is the premier destination for community-oriented tenants in Alameda County. Its central location provides tenants with immediate access to the residents they serve in Oakland and beyond. With no direct competition, the property is in an ideal position to continue to draw and retain these types of users. Situated near the epicenter of the San Francisco Bay Area, this institutional asset is 80% leased to a diverse roster of high-quality credit office tenants.
The center’s strategic location provides easy commute for tenants and surrounding residents, with convenient access to multiple public transportation options, including the AC Transit transfer station which is located on the property, as well as all major freeways.
“We are extremely optimistic about the long-term prospects of Eastmont Town Center,” said Hamid Rezapour, Founder and CEO of Vertical Ventures. Rezapour listed many project benefits, including a stable and reliable cash flow, 75% of which is generated by S&P rated credit tenants. Rezapour also addressed his more immediate plans “ Our objective is to expand our relationship with existing tenants, lease certain vacancies and stabilize the asset over the next 12-18 months. Other planned improvement this year include a complete new roof, as well as other cosmetic renovations. Cushman & Wakefield advised both the seller and buyer on this transaction.