8-Acre Industrial Parcel in Oakland Trades for $16.5MM

Lockehouse, Oakland, Alameda, Tidewater Business Park

The project will undergo entitlements to develop 350,000 square feet of land in supply-constrained Oakland industrial market

OAKLAND – January 10, 2022: The Lockehouse Investment Sales Team (LIST) today announced the $16.5M sale of 7.96 acres of industrial land in Oakland. The deal was an assemblage of 11 parcels of land next to the Tidal Canal separating Oakland and Alameda.

Vice President of Investment Sales, Rachel Kram, and Managing Director, David Kram, represented both the sellers and buyers of the undeveloped lots totaling 2.35 acres at 4709-4719 Tidewater Ave. in Tidewater Business Park; as well as the buyers of the 5.61 acres of land at 4821-4831 Tidewater Ave. The deals closed concurrently after a complex 9-month escrow.

The buyer is an experienced Southern California, logistics-oriented investment and development firm, in partnership with a national institutional level equity partner. “This acquisition is part of their strategic expansion into Northern California where they successfully manage a cold storage portfolio. It further demonstrates the continued strong demand for industrial product in the port-centric East Bay area,” Rachel Kram said.

The parcels of land are ideally located in proximity to the Port of Oakland, the third busiest port on the West Coast after Los Angeles and Long Beach. These three ports accounted for approximately half of the nation’s total container cargo volume in 2020. The property offers easy access to Interstate 880 and is less than five miles from downtown Oakland. The current trucking terminal/storage yard will remain in place while the project undergoes entitlements to develop 350,000 square feet of land in the supply constrained Oakland industrial market.

The Alameda County industrial market is one of the most supply-constrained in the nation. As of the close of 2021, overall vacancy stood at just 3.7%. Aging product accounts for the lion’s share of available space in this market; much of which is functionally obsolescent for today’s modern logistics users. Of the existing 237 available properties, the average age is 48 years old. Only 23 of these properties feature availabilities of at least 100,000 square feet and only four of those were constructed within the past 20 years.

LIST specializes in the acquisition and disposition of single-tenant retail, shopping centers, mixed-use projects, and land. Please contact LIST at list@lockehouse.com for more details regarding this transaction, an opinion of value on your property or market updates.

About Lockehouse Retail Group

Lockehouse Retail Group is a premier full-service commercial real estate firm, specializing in retail. It is our mission to deliver exceptional value and service to our clients, investors, and community. Our team of expert professionals provide unmatched real estate solutions across landlord representation, investment sales, property management, development services, and restaurant/retail consultation.

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