Westcore Properties Acquires 87,870-SF Industrial Project in Oakland, CA
Oakland, CA (Aug. 20, 2018) – Westcore Properties has acquired an 87,870-square-foot, multi-tenant industrial property at 1600-1700 Kirkham Street and 1701-1731 Poplar Street in Oakland, California from an undisclosed seller for $13.6 million.
The four buildings, with ceiling heights ranging up to 28 feet, sit on more than two-and-a-half acres of land in West Oakland. Tenants at the property easily access Interstates 880, 980 and 580.
“We feel that smaller industrial tenants are underserved in this market, and this property is well suited to their needs,” said Peter Mette, director of acquisitions at Westcore Properties. “Also, the fantastic location and ability to grow the project’s operating income through leasing the vacant space really appealed to us.”
Tom Damaschino of Cushman & Wakefield represented the seller in this transaction, while Westcore represented itself.
Researchers at Cushman & Wakefield report that Oakland, East Bay’s largest industrial submarket, enjoys a low a vacancy rate of 3.6 percent for warehouses and 3.3 percent for manufacturing facilities.
“Commensurate with the low vacancy rates, Oakland area rents are at an all-time high, but they still seem like a bargain to companies fleeing the much higher rents of San Francisco,” said Damaschino.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $5 billion in industrial and office assets, comprised of more than 850 buildings and totaling over 50 million square feet. In 2018, National Real Estate Investor ranked Westcore properties as one of the Top 50 owners of industrial real estate globally. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.