CBRE Secures 119 KSF Oakland Industrial Lease
- May 25, 2017
CBRE has facilitated a 99-month, 119,000-square-foot warehouse lease for a large electrical distributor in Oakland, Calif.
Chris van Keulen, vice president in CBRE’s Oakland office, and Amy Chadick, senior transaction manager with CBRE Dallas’ Global Workplace Solutions group, represented the undisclosed tenant. The landlord, Hager Pacific Properties, was represented by senior vice presidents Michael Barry and Bob Ferraro from the firm’s Oakland office.
“The tenant will benefit from the building’s highly visible freeway exposure, dock loading and yard area,” said Barry in prepared remarks.
Located at 955 Kennedy St. on 4.6 acres, the property has about 425 feet of frontage along Interstate 880, features abundant parking and is only a 15-minute drive from San Francisco. Initially, the asset was marketed for retail use, as well, due to the area’s daily traffic count of 226,000 cars.
Hager Pacific Properties purchased the property in 2016 with a plan to complete a $2 million renovation overseen by Industrial Redevelopment. The acquisition was part of a $35 million deal involving four assets in California and Wisconsin. The company’s current portfolio is valued at nearly $2 billion. Hager Pacific owns and manages more than 100 properties nation-wide, including 2,300 apartment units and 12 million square feet of industrial and commercial property.
Image courtesy of CBRE