By Jon Peterson
Oakland-based The East Bay Agency for Children has closed on its $6.6 million, or $219 per square foot, acquisition of the 30,130 square foot property in Oakland located at 2828 Ford Street.
The seller of the property was Strauss Carpets, which had owned this property for its own business for 32 years. This company was represented in the transaction by Marcus & Millichap through The Ida Group, one of its entities based in San Francisco.
“The seller had owned this property for a long time, and it was looking to downsize its current operation, and it also wanted to take advantage of the overall interest there is for real estate in Oakland,” says Jeff Ida, a first president with Marcus & Millichap. He worked on the sale of the property along with two associates at the firm, Brendan Gallagher and Cameron Bierwith.
The buyer was represented in its purchase by David Silverstein Realty based in the East Bay. The non-profit currently has an operation located at 303 Van Buren Avenue in Oakland, as stated on its website. The organization is known as one focused on addressing children’s mental health needs.
The East Bay Agency for Children for now is planning to keep the size of the property at its current level. The property is an industrial asset, which the new owner might convert to add additional office space. The asset has three separate buildings on one contiguous parcel covering 1.15 acres.
The property is located in an area zoned D-CE-3, which allows for a wide array of buildings including light industrial, residential, live/work and retail. This would play well into a trend occurring in the area at the moment, which is for developers to convert older industrial assets into creative loft space for a live/work operations.
“There is a possibility that this site could be up for some kind of redevelopment in the future. The new owners are not planning to pursue this at this time,” said Ida. The existing zoning permits a 3.0 FAR, allowing to build a maximum of 150,000 square foot commercial building with 45 to 55 feet of maximum height.