Brookfield Properties sells Alameda, Calif., office park for $265m

A venture of DRA Advisors and Local Capital Group has acquired the 1.1 million-square-foot Marina Village Office Park in Alameda, Calif., a suburb of San Francisco, for $265 million.

The seller was Brookfield Properties, which acquired the property in 2014 from Legacy Partners. An official statement was not released.

Marina Village is a high-quality office/research park, comprising 27 low-rise buildings occupying 60 acres roughly 2 miles from downtown Oakland, in the Bay Area’s East Bay region.

The Research Park at Marina Village is a 60-acre office park set within a 200-acre master-planned community. The project has more than 300,000 square feet of dedicated life science and research space. With 200,000 square feet of direct vacancy deliverable today, vacant space is being redesigned to accommodate top-tier life science and research lab users.

The deal marks the fourth joint venture between DRA and Local Capital Group over the past two years.

Th