November 10, 2021 (Oakland, CA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced the disposition of the Citirne Advisors East Bay Office Portfolio. Dave McCarty, Ben Jones, Neil Cowperthwaite and Joe McGlynn of Lee & Associates Oakland represented Citrine Advisors in the sale of three Class B office buildings for a total of $27,300,000. The three buildings were all sold separately to Non—Profit owner-occupiers. Both Oakland Class B office sales represent two of the three Class B Office buildings sold in the Oakland office market in 2021.
251 8th St. in Oakland’s Chinatown, a 15,087 SF three-story office building, sold to East Bay Community Energy for $8,500,000.00 ($563/SF) on September 10th, 2021, and 1441 Franklin St. in Downtown Oakland, a 20,754 SF four-story office building, sold to Hidden Genius Project for $8,850,000.00 ($426/SF) on September 30th, 2021. The third building was located in San Leandro at 1290 E. 14th St commonly known as The Wells Fargo Building. The 36,260 SF four-story office building, sold to North East Medical Services for $9,500,000.00 ($261/SF) on February 7, 2021. The Lee & Associates Office Team took on the task of selling the three properties in September 2020 and sold all three assets within 12 months.
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Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter, and Link, our company blog.