OAKLAND, Calif. – July 30, 2020 – CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $15 million loan for the purchase of a warehousing and cold storage facility in Oakland, Calif.
Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the 5-year loan on behalf of the borrower, San Diego-based industrial real estate investment firm Westcore.
Located at 8380 Pardee Drive, the 155,000-sq.-ft. property was originally constructed in 2012. The building features 8,000 sq. ft. of cold storage space, 30-ft. clear height and an ESFR fire suppression system. The property is fully leased to Horizon Beverage Co., a beer and malt liquor distribution company that primarily distributes products made by Anheuser-Busch.
The building is one mile from the Oakland International Airport and its accompanying BART station that connects to the rest of the Bay Area. The property is also within seven miles of the Port of Oakland.
“In addition to its excellent location, the facility offers the tenant all of the features of a modern, Class A building,” said McGovern.
Net absorption remained positive in the second quarter of 2020 in the Oakland industrial market, bringing the year-to-date total to just over 2.1 million sq. ft., according to a CBRE research report. Industrial demand remains strong, totaling 4.5 million sq. ft. across 34 tenants.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.