OAKLAND, Calif. – July 7, 2015 – In response to the growing need for specialized food distribution spaces, Westcore Properties has acquired a modern, Class-A cold storage building for $7.75 million in Oakland, California from NDI, LCC.
The 66,913-square-foot facility is located along the I-880 corridor at 550 85th Street and features 14,000 square feet of refrigerated space. Built in 1999, the facility is much more efficient than the older facilities in this area that are popular among food production companies. A secured site, heavy power, state-of-the-art refrigeration equipment, and modern and ample office space are amongst the many attractive features of the property.
“With the desire for fresh and high-quality food growing, the demand for industrial food spaces within urban areas continues to expand” said Peter Mette, Westcore Properties’ director of acquisitions for the Bay Area. “Given the age of other similar buildings in the Bay Area, the fact that we have been able to acquire a modern building in such a high-demand area speaks highly for our team. We are actively seeking a tenant to fill this space.”
Food-grade distribution and manufacturing spaces, also known as food spaces, are critical components in the food storage chain between farm and table, with a current vacancy rate of less than one percent throughout California.
In this transaction, NDI, LLC was represented by Mark Maguire and Kevin Hatcher with Colliers International. Westcore Properties was represented by Mette.