By Jon Peterson
Oakland-based Citrine Advisors has placed on the market for sale the 20,754 square foot office building in Oakland located at 1441 Franklin. The potential sales price on the property is projected to be somewhere in the range of $11 to $12 million, according to sources that track the sale of office buildings in the East Bay.
The current property owner has hired the San Francisco office of JLL to be the listing agent on the sale. Among those working on the sale includes Erik Hanson, David Dokko and Nick Deaver. JLL declined to comment when contacted for this story.
Citrine has held ownership in the property for little more than 18 months. It had paid approximately $2.95 million for the property in June of 2016, according to sources. However, the owner did invest in the asset since its purchase, increasing the value of the property. Some of the work that has been done on the four-floor building includes high-end office build-outs for the second and third floors, which are currently vacant and available for immediate lease-up.
The property is currently 38.2 percent leased.
The new ownership will have an opportunity to further add value to the asset. This could include a fix-up of the property to re-position the ground-floor retail. There could be extensive future demand created by the nearby residential and office developments.
1441 Franklin is well positioned for mass transit and housing. There is a BART station that is on the same block as is the property. The area around the building is made up of a dynamic mix of residential developments that will soon deliver over 2,100 units of Class A product within three blocks of the office building.
Citrine is a company that acts either as a buyer or consultant alongside its clients, according to the company’s website. The company has a history of investing in properties in select urban markets on the West Coast. This includes both Oakland and San Francisco.