Oakland Office Asset Trades for $11M
- Oct 31, 2018
The Fruitvale Gateway Building in Oakland, Calif., has traded for $10.5 million. NAI Northern California, the Bay Area outpost of NAI Global, represented both the buyer and seller in the transaction.
Located at 2648 International Blvd. in the Fruitvale District of Oakland, the eight-story property opened in 1929 as East Oakland Hospital. Today it is a well-occupied 50,000-square-foot office property serving a variety of commercial tenants. The Fruitvale Gateway Building offers access to transportation points, including the Fruitvale BART station and interstates 880 and 580.
The 2-acre site includes more than an acre of developable land. Vice President Kent Mitchell, Senior Investment Advisor Tim Warren and Principal Grant Chappell of NAI Northern California represented both parties in the deal.
“We worked for over a year to get this done,” said Mitchell in a statement. “We never stopped pursuing leads and supporting multiple escrow efforts until the right buyer closed.”
While many markets nationally are facing weak prospects for investment growth, Oakland has experienced meaningful upticks in investment recently.
Image courtesy of NAI Northern California