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Argosy Real Estate Partners Invests in 1714 Franklin Street
On March 15, 2019, Argosy Real Estate Partners IV, L.P. and its parallel funds, in partnership with Paceline Investors, acquired 1714 Franklin, a historic, 33,243 square foot, mixed-use property located in downtown Oakland, California.
1714 Franklin consists of (i) a five-story building with a leasable basement, including retail on the ground level and office on the remaining levels, (ii) a one-story standalone restaurant, and (iii) a ten-stall surface parking lot. The property is located in one of the most transit-rich locations in the nation. 1714 Franklin is two blocks from 19th Street BART station and three blocks from the 12th Street BART station, the main public transit line servicing the Bay Area. The property’s location is within walking distance to numerous amenities including restaurants, cafes, and lounges and within close proximity to Lake Merritt, Jack London Historic District, Old Oakland, Adam’s Point, and Piedmont Avenue.
1714 Franklin represents an off-market acquisition opportunity at below-market pricing from a corporate seller, with significant value-add upside in a prime infill location in the rapidly improving Uptown neighborhood of downtown Oakland. The property will be strategically positioned as creative office space and a lower option to newly constructed or improved office properties in San Francisco and downtown Oakland.
The business plan is to execute a physical value-add program to improve the façade and other unimproved areas of the mixed-use building and, upon completion of the improvements, increase rents and enhance the tenancy profile. The planned renovation will address the front entrance, lobby, corridors, restrooms, elevator, and the two floors and basement that were not previously improved by the seller. The seller has leased back a portion of the second floor which the seller has improved with creative finishes.
1714 Franklin was acquired in partnership with Paceline Investors, a Bay Area owner/operator that specializes in the renovation of urban-infill office and mixed-use properties.