Colony NorthStar Grabs 2 East Bay Industrial Assets

A CBRE team brokered the transaction for the two fully leased buildings, which contain nearly 600,000 square feet 10 miles from downtown Oakland, Calif.
2380-2388 Williams St. and 1717 Doolittle Drive in San Leandro, Calif.

Colony NorthStar has acquired two industrial properties in the East Bay, totaling 587,051 square feet. The seller, a joint venture between Comstock Partners and Dune Real Estate, bought the buildings in June of 2014, according to Alameda County records.

Located at 2380-2388 Williams St. and 1717 Doolittle Drive in San Leandro, Calif., the two buildings are positioned within a mile and a half of the Nimitz Freeway, enabling direct access to downtown Oakland, approximately 10 miles away. The properties are fully leased to five companies, including Wayfair, CEVA and Energy Recovery. The tenants have a weighted average remaining lease term of five years.

Building features

1717 Doolittle contains 421,358 square feet, of which 50,000 square feet is office. The building features 22-foot clear heights, 30 loading docks and two drive-in doors. 2380-2388 Williams includes 36 dock-high loading doors, an office area totaling 7,136 square feet, two grade-level doors and 32-foot clear heights, according to Comstock.

“San Francisco/Oakland is a terrific, high demand and low vacancy market,” said Lew Friedland, managing director of Colony NorthStar, in a prepared statement. “The East Bay industrial portfolio is ideally situated near San Francisco and Silicon Valley businesses, highways, airports and the port. The properties fit perfectly with our strategy of occupying the ‘last-mile’ in the logistics chain for ecommerce retailers, distributors and manufacturing companies that require ever-faster delivery to their B2B, wholesale and retail customers. We look forward to further expansion in the San Francisco Bay area.”

A CBRE team led by Darla Longo and Barbara Perrier brokered the transaction.

Image via Google Maps