Oakland government offices get new landlord from $78 million sale
Oregon-based investment group ScanlanKemperBard Cos. has purchased a 29.5-acre retail and office complex in Oakland for $78 million.
The 605,959-square-foot complex, named the Eastmont Town Center, was sold by Eastmont Oakland LLC and Eastmont Town Center Co. LLC of Oakland.
In addition to large retail space, the building also houses a number of government offices, including Alameda County, the City of Oakland, the Oakland Police Department, the Port of Oakland and the U.S. federal government.
The mixed-use property comprises a two-story mall, single-story in-line retail and a building for the Oakland Police.
In the early 1990s, the retail buildings were only 30 percent leased and after the owners were unable to find a major retailer willing to anchor the property, they attracted local government entities to the location. The building is now 90 percent occupied.