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Report: Brookfield Property sells Calif. office complex for $265M

Brookfield Property Partners LP sold a 1.1 million-square-foot office complex in Alameda, Calif., for $265 million, the San Francisco Business Times reported, citing a source familiar with the deal.

According to the report, the buyer, a partnership between DRA Advisors LLC and Local Capital, plans to transform a number of single-story buildings in Marina Village into class A life science facilities. The property has more than 300,000 square feet designated for life science and research use, with about 200,000 square feet available for lease, the publication reported.

Brookfield, which acquired the asset in 2014 from Legacy Partners, has carried out renovations to raise the occupancy rate, which is now at roughly 80%, the report added.