Walnut Creek, CA, – January 23, 2018 – Colliers International announced today that it has brokered one of the largest residential land transactions in Oakland, CA with the sale of two parcels totaling +-4.36 acres located at 1708 Wood Street and 1711 18th Street in the emerging West Oakland submarket. The development, known as Parkside at Central Station sold for $24M, and included all approvals with the Final Map ready to record. The 128-unit townhome condominium project is located approximately 1-mile from the West Oakland BART station.
Colliers International Executive Vice President Bruce Bauer and Senior Vice President Rich Martini based in the brokerage firm’s Walnut Creek office represented both the buyer, TRI Pointe Homes, and the Seller, PSAI Realty Partners on behalf of its investment vehicle, the SFF Realty Fund, L.P. PSAI purchased the property, which at the time was a cross-dock trucking facility for $4.74M in 2011 and quickly leased it to a trucking company. During its ownership period, PSAI entitled the property for construction of 128 townhomes.
“The severe shortage of new residential “for-sale” housing in Oakland, as well as West Oakland’s central location and proximity to downtown San Francisco led to significant interest and offers to purchase the property from both public and private home builders”, said Bauer.
“It is rare in the core Bay Area to find a new residential development of the size and scope of Parkside at Central Station that is essentially shovel ready to begin construction” added Martini.
“The Parkside project is a great opportunity to build an affordable townhome community in the core Bay Area, in a location only seven minutes to Downtown San Francisco on BART”, explains Bob Donnelly, Vice President of Land Acquisition at TRI Pointe Homes. “West Oakland has become an appealing option for new home buyers looking for attainable homes compared to other options in both San Francisco and the East Bay. The proximity to both Downtown San Francisco and Oakland, as well as the many attributes that the emerging West Oakland submarket offers residents were key factors in our desire to purchase the property”.
The Parkside at Central Station development comprises 128 townhome condominium units with 9 different floor plans, including two live-work designs. Unit sizes are anticipated to range from 1,373 – 1,748 square feet, and include 2 and 3 bedroom plans with 2 to 3.5 baths.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.