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1333 BroadwayOakland, CA 94612
1333 Broadway
Asset ClassOffice, Retail
overview of deal

Overview

Cushman & Wakefield has been exclusively retained by the Bank Group to present the opportunity to acquire a $59 million non-performing 1st mortgage secured by 1333 Broadway ("The Property"), a 70% leased, 244,072 SF, 10-story Class A office tower situated in the highly accessible and amenity-rich Central Business District of Oakland, CA. Adjacent to the 12th Street City Center BART Station, 1333 Broadway sits at the epicenter of one of the most transit-connected and rapidly evolving districts in the East Bay. This offering presents a compelling opportunity to obtain control of a flagship asset at a significantly reduced basis, providing both near-term resolution optionality and long-term value creation.

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Investment Highlights

72% OCCUPIED, CLASS A OFFICE TOWER WITH DIVERSE TENANT BASE, 4.5 YEARS OF WALT

  • The offering provides a rare value-add opportunity supported by durable cash flow from creditworthy tenants with near-term upside through targeted lease-up.
  • Located in the heart of Oakland’s CBD, 1333 Broadway is surrounded by a mix of government, corporate, and institutional demand drivers.
  • The 72% leased property, with 4.5 years of WALT, benefits from an eclectic tenant roster representing various industries including insurance/healthcare, financial and professional services, and the non-profit sector.

$50.2M CONTRACTUAL REVENUE, $15.2M OF NOI WITHIN 3 YEARS

  • Walgreens leases 13,738 SF through October 2044, representing $12.5M of contractual revenue.
  • Delta Dental’s lease provides $34.3M of contractual revenue through the expiration of its lease in 2036.
  • The Property generates $14.8M of contractual NOI through May 2025

56% OF PROPERTY LEASED BY DELTA DENTAL THROUGH MAY-28/MAR-36

  • Delta Dental is the largest dental benefits provider in the United States, with approximately 85 million individuals enrolled in 157,000 groups nationwide. In 2024, the company generated $9.9 billion in revenue.
  • Delta Dental currently leases 128,310 SF at 1333 Broadway, approximately 56% of the building’s NRA. The staggered leases –117,857 SF or 46% expiring in 2028 and 24,525 SF or 9.5% of expiring in 2036— represent 3.7 years of WALT.

WALKABLE RETAIL AMENITY BASE – OVER 50 RESTAURANTS, CAFES, SHOPS WITHIN 5 BLOCKS

  • Thriving urban environment provides for abundant walkable retail amenities.
  • Walk Score is 100, a “Walker’s Paradise.”

HIGHLY ACCESSIBLE – IMMEDIATELY ADJACENT TO 12TH STREET

  • Direct entrance to 12th Street BART Station – highest in East Bay BART ridership with 313,000 daily riders.
  • 1,700-stall covered, public parking spaces within 100 steps.
  • Easy access to I-980, Amtrak, Ferry Terminal, and AC Transit.
  • Minutes from Oakland International Airport and downtown San Francisco.

HOUSING & REVITALIZATION DEVELOPMENT PIPELINE

  • Over 3,500 high-end residential units delivered (past 5 years) within a half mile of 1333 Broadway.
  • The Downtown Oakland Specific Plan (“DOSP”) –adopted by City Council in July 2024 - will add up to 18.3M+ SF of commercial space and 29,100 housing units, positioning downtown as a hub for economic opportunity and regional transformation.
  • The plan includes changes to zoning regulations to allow for taller buildings, more housing units, and greater flexibility for ground-floor businesses.
  • Nearby Samuel Merritt University’s new 226,000 SF campus is expected to drive foot traffic.
1333 BroadwayOakland, CA 94612

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Listing provided by Revere CRE