CBRE Arranges Sale of Fruitvale Center, Mixed-use Community Located in Oakland’s Fruitvale District

Fruitvale Center, Oakland, CBRE, Fruitvale District, East Bay, Bay Area, Clough Family LP

fruitvale

Oakland – February 11, 2016 – CBRE Group, Inc. has announced the sale of 3206-3252 International Boulevard, a 31-unit mixed-use building in Oakland, California. The property sold for $4,309,400 or $172,376 per unit and $204.10 per square foot. The CAP rate was approximately 5.38 percent with a GRM of almost 10.37. The property was sold by the Clough Family L.P., a California Limited Partnership, and bought by 149 Morris, LLC. Keith Manson, First Vice President; Richard Thompson, First Vice President; and Zachary Greenwood, Associate of CBRE’s Oakland office, represented both parties in the transaction.

“With studies showing that Oakland’s rents have increased by more than 20 percent in 2015, it’s no surprise that investors’ interest in the Fruitvale District continues to climb,” said Manson.

3206-3252 International Boulevard was built in 1910 and has a unit mix of 10 commercial units, seven studio, one-bath units, and 14 one-bedroom, one-bath units.

Keith Manson, Richard Thompson and Zachary Greenwood are leaders in CBRE’s East Bay Multifamily Investment Properties group and serve the investment needs of both property owners and buyers with a focus on the sale of multi-housing properties, land to develop apartment buildings and condominium conversions/reversions.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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