(EDITOR’S NOTE: The subject property, located at 300 Mitchell Ave. in Alameda sold on December 21st, 2021 for $41,850,000, or just around $115 per square foot, according to public records. The seller of the property was an entity associated with Alan Cameron and William Elliott of Alameda, Calif., and the buying entities were associated with Stephen Swire of Swire Property Group.)
Off market sale of infill stabilized investment in supply-constrained East Bay industrial market
SAN FRANCISO BAY AREA – January 31, 2022: The Lockehouse Investment Sales Team (LIST) and Cushman & Wakefield today announced the $42M sale of 364,000 square feet of industrial buildings situated on 22 acres of prime infill land in Alameda, California across from Jack London Square and the Howard Terminal.
Managing Director, David Kram and Vice President, Rachel Kram, of Lockehouse Retail Group represented the buyers, and Paul Beckwith, Ted Gallagher and Ted Anderson of Cushman & Wakefield represented the sellers. Both the buyers and sellers are local private investors.
The property is ideally located near the Port of Oakland. This is the third busiest port on the West Coast after Los Angeles and Long Beach. Together, these three ports accounted for approximately half of the nation’s total container cargo volume in 2020. It also offers easy access to Interstate 880 via the Webster Street Tube.
The buildings were originally constructed in 1946 for the US Navy’s Fleet Industrial Supply Center to handle heavy rail and crane loading. Recently, the property was split off from the previously owned Catellus Alameda and Bayport mixed use project after the City of Alameda determined that the Property could not be redeveloped to residential use and must remain commercial. Catellus sold the project to the seller, who completed significant upgrades to the site and buildings and leased the space to Sloat Brothers. Sloat Brothers is a warehouse and distribution company that has been in the Bay Area since 1947. They recently relocated from San Leandro to the site, which is closer to the Port of Oakland and significantly larger than their previous space.
Approximately 18 acres of the site consists of land and waterway frontage. Starlight Marine, a tug-boat operator and ship assist service company, leases yard space and moorage on the waterfront and has been a tenant since 2005.
This transaction is both notable because the Alameda County industrial market is one of the most supply-constrained in the nation (overall market vacancy currently stands at just 3.7%) and because both large block lease and sale activity has been relatively sparse in recent years due to the lack of available inventory. In terms of square footage, this transaction is the largest industrial investment sale the market has recorded since August 2019.
LIST specializes in the acquisition and disposition of single-tenant retail, shopping centers, mixed-use projects, and land. .
About Lockehouse Retail Group
Lockehouse Retail Group is a premier full-service commercial real estate firm, specializing in retail. It is our mission to deliver exceptional value and service to our clients, investors, and community. Our team of expert professionals provide unmatched real estate solutions across landlord representation, investment sales, property management, development services, and restaurant/retail consultation.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries.