ack London Square Partners in Oakland has purchased four commercial buildings in Jack London Square from the Port of Oakland for $17.2 million. The partners have also obtained development rights for five undeveloped buildings.
Representing Jack London Square Partners is Oakland's Crosby, Heafey, Roach & May. Partner Ronald Rosequist led the team of six attorneys through the deal.
Rosequist said that the transaction serves as a model for development projects created by public-private collaborations. "Jack London Square Partners has set a new standard in establishing a structure to seek higher returns on port assets while enriching services within the community," said Rosequist.
Jack London Square Partners was formed in 1999 by real estate developers Hal Ellis and Jim Falaschi. Crosby, Heafey teamed with Ellis and Falaschi to create a proposal that would include buying commercial space in Jack London Square. Development ideas for the undeveloped properties include a hotel, restaurants, retail, commercial office space and parking.
Jack London Square is located in downtown Oakland with outdoor marina shopping and restaurants. "With all the new housing units planned for Oakland and Alameda, we want Jack London Square to provide new venues for retail, office, entertainment and dining," Falaschi said.
Jack London Square Partners plans to continue management of the four buildings with businesses.
