New Leases OKed for Auctions by the Bay at Alameda Point

The Alameda City Council has agreed to continue leasing three buildings at Alameda Point to Auctions by the Bay.

At its April 16 meeting, the council approved three leases of differing durations for the structures at the former naval air base.

The largest of the three is a 63,972-square-foot hangar known at Building 20 at 2701 Monarch St., where the tenant has "invested nearly $1.0 million in upgrades to the hangar creating a unique showplace for art and antiques," according to a staff report prepared for the council.

"Auctions By the Bay has become a regional public draw, creating synergy between the monthly Antiques Fair, Michaan's Auctions and other public attractions located along Monarch Street ('spirits alley')," the report says.

The new lease is for 10 years with an additional 10-year option, with the base rent per month beginning at $22,390 for the first year and increasing gradually to $29,214 in the 10th year. The terms "will help the tenant continue to finance improvements and facilitate on-going investment in the property as development occurs at Alameda Point," according to the staff report.

The second space – 23,208 square feet in Building 525 at 2751 Todd St. – will be leased for five years beginning at $10,163 a month and increasing 3 percent annually.

The third space – 7,251 square feet of office space and 18,166 square feet of theater space in Building 18 at 2700 Saratoga St. – will be leased for three years beginning at $6,444 monthly base rent, increasing 3 percent annually. The city will also receive 25 percent of revenues from third-party rentals of the theater space.

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