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G8 Capital sells Harbor Bay properties to church

San Francisco Business Times
By: J.K. Dineen, Reporter and Blanca Torres, Reporter
Date: Friday, October 26, 2012

Gracepoint, a Korean Baptist church, is the new owner of a 70,070-square-foot, three-building complex in Alameda’s Harbor Bay Business Park. The church bought the property for $8.1 million or about $116 per square foot from G8 Capital of Rancho Ladera.
Gracepoint acquired the complex, at 1255, 1265 and 1275 Harbor Bay Parkway, after the property went through a few ownership changes.
The buildings were originally owned by Ellis Partners LLC, which had a mortgage with Bank of America. The lender sold the note on the loan for a discount to G8 Capital last May. G8 Capital then took the deed in lieu of foreclosure from Ellis Partners.

Two of the three buildings had been leased by UT Starcom Inc., a maker of cellphones and parts. The tenant, which had emptied the buildings and consolidated operations to China, agreed to an early termination on its lease.

The third building was already vacant.

To add another twist to Gracepoint’s purchase, the church traded a separate 17,000 square-foot building it owned in Alameda to G8 Capital, which is now selling that property.

Gracepoint will use the Harbor Bay complex for its administrative offices and community functions.

Matt Currie and Bob Tasker of CM Commercial represented UT in its termination of the lease with G8 Capital, and also represented Gracepoint in its purchase of the complex.