JLL Capital Markets closed the sale of the Union City building to Elion Partners
JLL announced today that it has closed the $23 million sale of a 94,976-square-foot ($242 per square foot), fully leased industrial building at 33401 Central Ave. in the high barriers-to-entry East Bay community of Union City, California.
JLL Capital Markets marketed the property on behalf of the seller, GJK Properties LLC. Elion Partners purchased the asset. Additionally, JLL’s Agency Leasing team structured a lease for a new entity to lease the property from the new owner.
Originally constructed in 1979, the single-tenant property was renovated in 2019 and features tilt-up construction, 26-foot clear heights, 12 dock-high doors, one grade-level door, skylights and a low office finish. 33401 Central Ave. is situated on 4.56 acres in the core I-880 East Bay Industrial submarket, the Bay Area’s most sought after, infill industrial submarket. The property is off Interstate 880 and CA-238 and provides easy accessibility to Oakland International Airport, San Francisco International Airport and the Port of Oakland.
The JLL Capital Markets team representing the seller was led by Senior Director Ryan Sitov, Senior Managing Director Mark Detmer and Associate Andie Fezell.
“There is insatiable investor demand for well-located industrial product along the I-880 Corridor,” said Sitov. “The strong historical performance of the market is attracting new capital.”
The JLL Agency Leasing team included Managing Director Jason Ovadia and Senior Vice President Eddie Shuai.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Elion Partners
Elion Partners is a real estate investment firm and registered investment adviser. As a vertically integrated platform, Elion serves as both a fiduciary and operator, managing $1.5 billion in real estate assets. Since its founding in 2010, principals of Elion have made personal investments in each of the firm’s funds to ensure alignment of interest and transparency with its capital partners.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.