OAKLAND, Calif.—August 11, 2017— Lee & Associates, one of the largest national commercial real estate firms, has completed the $2,500,000 sale of a net leased property located within downtown Oakland’s “Auto Row” situated on a strip of land along Broadway between Grand Avenue and 40th Street. The asset sold at a 4.72% capitalization rate or $350 per square foot.
The 7,150 square-foot building was built in 1920 (renovated in 1982) has been leased to Bridgestone since 1984 on a double-net lease. In March 2017, the tenant extended their lease for another five years, reflecting their continued commitment to the desirable downtown Oakland location.
Ryan Bennett and Ryan Barr of Lee & Associates – North San Diego County represented the seller, Granite Peak Property Investments in the transaction.
“Investors recognized the long-term value of the underlying real estate which was reflected by multiple offers received and the fact that this asset traded at over ask price,” explained Ryan Bennett of Lee & Associates – North San Diego County.
“You just don’t see downtown CBD real estate like this come to market that often, especially in a market as desirable as Oakland is right now,” Ryan Barr added.
Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.