By Jon Peterson
Commerce, Calif.-based Republic Flooring has acquired the 235,456 square foot industrial asset in Antioch located at 1700 West 4th Street. The sales price on the property was $11.25 million, or around $48 per square foot, according to sources aware that the property has been sold.
The seller of the property was the 1700 West 4th Street LLC, an entity associated with Making Waves Foundation, a Richmond, Calif.-based education advancement organization. This entity was represented in the transaction by CBRE. The two listing agents on the sale of the property were Michael Walker, a vice president out of the firm’s Oakland office, and Greg Smyth, a first vice president at the firm, who works in the Walnut Creek office.
CBRE had stated in an offering document that the property was available in September of 2019. The potential asking price then was $13.5 million. The listing agent did not answer in an email if there were any existing tenants in the property at this time.
The industrial asset is located on 17.5 acres of land. Most of the property is made up of a distribution warehouse. There is around 10,000 square feet of office space in the property and 9,000 square feet of rail deck, as well.
The property is centrally located. It is situated around four miles from Highway 4, and it would take any tenants in the property 34 miles to drive to the Port of Oakland, 43 miles to the Port of Stockton and 19 miles to the Port of Benicia.
Antioch is considered an off shoot from the Oakland industrial market. The total square footage of industrial space that is in Oakland is around 36 million square feet, according to data compiled by CBRE. The Oakland market through the third quarter of 2020 had a total vacancy of 1.7 percent.