B.P. Management Acquires Industrial Property in San Leandro for $16MM

By Jon Peterson

Sunnyvale-based B.P. Management, though its 4410 Los Altos limited partnership, has acquired the 41,000 square foot warehouse distribution property located at 575 Marina Boulevard in San Leandro for $16.5 million, according to public documents filed with the county. This price brings the sale to just over $402 per square foot.

The seller of the property was Stephens & Stephens, which owned the property only for about four months, since December of 2017, when it paid $14 million for the asset, or just over $341 per square foot.

The asset that was acquired is an existing property that was built in 2007. The building does have an office component in the asset, which comes to around 3,450 square feet.

The industrial market in San Leandro remains very tight. The total vacancy during the first quarter of this year was 0.5 percent as stated in the Oakland industrial market report compiled by CBRE for the same time period. The industrial market in San Leandro now totals 22.8 million square feet.

The overall industrial market in Oakland still has a large imbalance of available supply versus demand. This is mainly due to a lack of land available to add any new space to the market. One of the outcomes of the low supply has been the growth of asking rental rates for warehouse buildings. CBRE stated in its first quarter report that the asking rental rates for warehouse properties increased 3.7 percent on a quarter-by-quarter basis.

West Coast Commercial Real Estate News