(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property sold for $53.5 million, or at $122 per square foot.)
SAN LEANDRO, Calif., Nov. 14, 2017 – JLL Capital Markets today announced the company completed the sale of Williams Industrial Park in San Leandro, California on behalf of Broadreach Capital Partners. A partnership between Lift Real Estate Partners LLC and Westbrook Partners purchased the 100% leased, 438,301-square-foot industrial park. JLL also arranged the acquisition financing on behalf of the buyers. JPMorgan provided the loan.
JLL Capital Markets Managing Director Will Connors and Senior Vice President Erik Hanson led the team on the sale, while Managing Directors Alex Witt and John Manning led the financing.
“This was a rare chance for investors to purchase industrial real estate at scale in the incredibly land constrained Bay Area,” said Connors. “The I-880 corridor is one of the most sought-after submarkets in all of Northern California, and the competitive bid process showed that assets there have potential to create excellent value.”
Lift’s Managing Partner Chris Freise added, “Williams Industrial Park is an exceptional creative industrial asset, and we will continue to enhance the park’s character with 21st Amendment and the planned San Leandro Ale Trail.”
Williams Industrial Park consists of two buildings at 2010 and 2020 Williams Street, which are fully leased to five tenants across a diverse set of industries. The park is anchored by the headquarters for the 21st Amendment Brewery, the Bay Area’s third largest brewery with 102,000 barrels produced annually, and will be home to the future San Leandro Ale Trail connecting the property to the adjacent Drake’s Brewery. The park encompasses 21.7 acres and has 31 loading docks.
The park’s location in the I-880 Industrial Corridor gives tenants access to some of the most important logistical hubs in the country. The property is just a 10-minute drive from Oakland International Airport and a 20-minute drive from the Port of Oakland. The I-880 Industrial Corridor includes 92.7 million square feet of industrial space, but has just 1.6 percent vacancy. Of the San Leandro submarket’s 16.2 million square feet of industrial space, only 1.2 percent is vacant.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2016, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists operating all over the globe.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Lift Partners
Lift Partners (“Lift “) is a full-service real estate investment company focused on the adaptive re-use and repositioning of commercial properties. Lift concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast.
Founded in January 2015, Lift provides asset management, leasing services and development and construction management services for its investments on behalf of its joint-venture partners. Lift’s portfolio to date has included over $200 million in gross investment, $50+ million in construction projects, and more than one million square feet of assets in the Bay Area, Seattle and Southern California.