Site of the Original Mother’s Cookies Factory Sold in One of Oakland’s Highest Price Per Unit Transactions in 2017
OAKLAND, CA – Nov. 27, 2017 – Colliers International has negotiated the sale of the 21-unit Old Mother’s Cookies Lofts located at 1148 E. 18th St. in Oakland, Calif. on behalf of the the seller, REV PROJECTS, a commercial real estate developer, owner and operator. The buyer was BRAD Management, a full-service commercial real estate management company. The transaction was valued at $9,860,000.
“This sale represents the highest price per unit multifamily deal sold in Oakland this year (for a building constructed prior to 2008),” said Senior Vice President Brandon Geraldo of Colliers International. “The property, which last sold in December of 2015 for $7,288,000,appreciated by 35 percent in just under two years.”
Along with Geraldo, Senior Vice President Ryan Rodriguez and Associate Lauren Savett represented both the buyer and seller, Rev Projects, a commercial real estate developer, owner and operator, in the transaction.
Built in the 1915, the property is the site of the original Mother’s Cookies Factory. In 2009, conversion of the property to live/work loft units was completed and the Certificate of Occupancy was received, exempting the building from the Oakland Rent Control Ordinance.
Eric Wang, principal of REV PROJECTS stated, “I committed to the revitalization of the Old Mother’s Cookies Lofts with major value-add improvements, while respecting its historic character. Tenant demand recognized this work, and a new stream of vibrant and creative residents flocked to its community. The capital markets also recognized this work, resulting in a strong exit I am glad to share with investors.”
According to Geraldo, the 35,775-square-foot building consists of 20 live/work lofts and one commercial unit,ranging from 1,018 to 2,600 square feet. Average in-place monthly rents are $2,987 per unit or $1.89 per square foot.
“This transaction fully demonstrates the demand for live/work space in Oakland and other urban Bay Area markets. We had significant interest from buyer groups in San Francisco and Oakland, however, a Southern California-based buyer stepped up in a big way,” Geraldo added.