ALAMEDA — Investors have grabbed two Alameda office buildings in deals that suggest ongoing interest in tech and biotech hotbeds in the Bay Area.
Real estate buyers have shown over the last several months that they have a healthy appetite for office buildings and business parks whose primary occupants are life sciences, biotech, and advanced technology companies.
In the most recent set of deals, Paceline Investors, a real estate development and investment firm, has bought office buildings in Alameda a few blocks from each other, according to documents filed on June 21 with the Alameda County Recorder’s Office.
San Francisco-based Paceline, through affiliates it controls, paid a total of $37.5 million for the two buildings, the county property records show.
Paceline paid $30.1 million for an office building at 1451 Harbor Bay Parkway that totals 86,100 square feet, according to the country records.
Separately, the real estate firm paid another $7.4 million for an office building totaling 38,900 square feet, the property documents show.
“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 company states on its website.
These properties aren’t the only ones in Alameda that have commanded the interest of buyers lately.
Less than 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.
In the most recent transaction, each of the just-bought buildings contains at least one tenant.
Kaiser Health Alameda is a tenant for the great majority of the space in the larger building at 1451 Harbor Bay Parkway, according to Google Maps.
TRIC Tools, a pipe repair and equipment maker, leases at least part of the smaller building at 1350 S. Loop Road, the company’s website states.
