OAKLAND, Calif. – July 7, 2015 – As industrial space along the I-880 corridor in Oakland, California continues to be in high-demand, Westcore Properties has acquired a 234,877-square-foot industrial building from Michael Hornstein for $13.85 million. Additionally, during escrow, Westcore Properties successfully negotiated an approximate five-year lease expansion with Pitco Foods, a wholesale grocer and distributor.
Located at 727 Kennedy Street along the I-880 corridor, the building was built in 1952. The building is currently 98 percent leased, with Pitco Foods now utilizing 138,000 square feet and Saroni Sugar & Rice, a food ingredients distributor owned by ConAgra Foods, occupying 86,000 square feet.
“Industrial market demand throughout the I-880 corridor is extremely healthy and enabled us to successfully expand Pitco Foods presence in this facility during our escrow period to lease the majority of the available warehouse space,” said Peter Mette, Westcore Properties’ director of acquisitions. “While we’ve already created value in our new acquisition through this expansion, we intend to further improve the project and lease the remaining 11,000 square feet of vacant showroom or office space.”
In this transaction, the seller was represented by Andrew Briner with CBRE Group. Westcore Properties was represented by Mette and Hack Adams, the company’s senior vice president.