OAKLAND, CA – APRIL 2016 – NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the sale of the Piedmont Executive Center, a 20,495 sf office building located at 3645 Grand Avenue in Oakland, California. Grant Chappell, Senior Vice President, Kent Mitchell, Vice President, Tim Norkol, Investment Advisor, Max Moray, Investment Advisor, and Nathan Klingler, Investment Advisor, all with NAI Northern California, represented the seller in this transaction. Kent Mitchell, Vice President with NAI Northern California, represented the buyer.
Acquired in 2004 for $3,325,000 by buyers affiliated with NAI Northern California, Piedmont Executive Center has undergone significant repositioning in the past decade. Initial occupancy rates of 50% with late and non-paying tenants were rectified over the course of ownership and the building currently boasts a strong tenant roster with 100% occupancy. Management and capital improvements, which include new solar power, have resulted in reduced expenses and dramatically higher rents for the building, sustainably increasing the NOI for the new owner. The original parking lot acquired in 2004 recently sold for $370,000 with a cell tower lease delivering a steady income stream of $1,325,000. “This was a fantastic opportunity for the buyer,” commented Grant Chappell, Senior Vice President for NAI. “They submitted an all cash offer at full listing price with 7-day escrow and 1 day due diligence. They clearly realized the value in this asset.”
“I think this sale is a great case-study in how to maximize a client’s profit and convenience simultaneously,” said James Kilpatrick, President of NAI Northern California. Despite the affiliation with NAI, the seller canvassed the market and received proposals from five competing firms. “NAI pushed a listing price $350,000 more than any recommended by the other firms,” commented Kilpatrick. “In the end the right process, the right team and the right marketing resulted in multiple backup offers and a quick and clean closing. I’m very proud of what our team accomplished with this transaction.”
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