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Oakland creates new policy director position to deal with housing crisis

Mayor Libby Schaaf has named Darin Ranelletti as the city’s first policy director for housing security, a position the mayor created and hopes will help ease Oakland’s affordable housing crisis.

Ranelletti is no stranger around City Hall: He has spent the past 15 years in the planning and building department, most recently as the interim director. In his new policy role, Ranelletti is expected to promote new housing available to all income levels and work to protect longtime residents from being pushed out of Oakland’s market.

“This new position gives the Mayor’s Office the resources needed to address the housing crisis effectively and with urgency,” Schaaf said in a statement Thursday. “Darin’s 360-degree perspective begins with his work in the City’s Planning & Building Department to increase Oakland’s housing production at a record pace this year, as well as his recent efforts to protect tenants and safeguard our city’s affordable housing stock. He also has a deep passion and commitment to equity.”

Read more at East Bay Times

NAI Northern California Represents $3.3M Sale of 18-Unit Multifamily Property in Oakland

OAKLAND, CA – July 5, 2017– NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $3.3 million sale of a Highland Terrace sub-market multifamily property.

Principal of NAI Northern California, Grant Chappell, facilitated the off-market transaction for both the buyer and seller. “I worked closely with the seller to deliver a 1031 buyer at a price that nearly set a per/unit record for studio and one-bedroom units in that sub-market,” said Mr. Chappell.

He further explained, “The buyer saw potential to further improve rents given the proximity to Highland Hospital’s recently completed expansion. It was a win-win for both parties. We were able to close in just over 90 days to accommodate 1031 timelines for the buyer and seller.”

Sold at a low 5.15 CAP, the 12,079 square foot property traded at $275.52 price per square foot. The property is 100% occupied which leaves the buyer in an optimal position to capitalize on rents in this prominent area of Oakland.

Located at 2912 14th Avenue directly across from Highland Hospital, the 18-unit multifamily property is minutes from I-580, a senior living facility, and numerous educational organizations. Additionally, the property is just walking distance from the Central Reservoir, the picturesque Sausal Creek and other recreational landmarks.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents Seller and Buyer in $13.6M Transaction of Newark Square Shopping Center

Newark, CA – June 29, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $13.6 million sale of a neighborhood center, Newark Square Shopping Center.

Vice President, Mary Alam and Investment Advisor, Joshua Ballesteros represented both Buyer and Seller in this off-market transaction.

“With 26 tenants and approximately 40 years of operating history, we are pleased to have helped our Buyer and Seller in evaluating, managing, and communicating the large amount of data associated with this property,” said Alam who, with her partner, Joshua Ballesteros, managed this transaction over a long and often challenging eight-month escrow. “We are thrilled to have closed this sale to everyone’s satisfaction,” she added.

Newark Square includes six buildings spread over three separate parcels with a total lot size of approximately 5.1 acres. The center which was constructed in 1960, hosts a number of long-term, stable tenants with below-market rents and NNN leases, and offers ample parking and prominent signage. Tenants at the property include well-known franchises such as Subway, Round Table Pizza, Taco Bell, Carl’s Jr., and Check Center. The latter three tenants occupy their own separate retail pads.

“The property is a neighborhood center with services that cater to the daily needs of the local population. With the projected continued growth of the Fremont-Newark corridor, it is expected that demand for these services will increase as the area draws more residents to its relatively affordable housing and its easily accessible location,” said Alam.

Located on 5510-5650 Thornton Avenue in Newark, CA, Newark Square is a 50,047 square foot neighborhood shopping center located less than one mile away from the I-880 Nimitz Freeway and the intersection of Thornton and Cedar with an average daily traffic volume of 21,548 visitors. The area boasts a population count in excess of 160,000 people within a three-mile radius and a healthy average household income of $115,000.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $1.75M Sale of Multifamily in Oakland’s Jingletown District

OAKLAND, CA – June 12, 2017– NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $1.75 million sale of a multifamily property in the Jingletown district.

NAI’s Principal, Grant Chappell and Investment Advisor, Joanna Larson were able to secure an all-cash buyer in this off-market deal to navigate and close a complicated transaction.

Mr. Chappell expressed the various obstacles and advantages in the transaction. “The asset needed upgrades to several components of the property with several moving parts. At $97 per square foot, the purchase offered tremendous intrinsic value to the buyer and long-term rental upside in the dramatically improving Fruitvale sub-market. With a close of less than 45 days, the buyer and seller were both pleased with the outcome.”

At 18,560 square feet and three stories tall, this 13-unit apartment complex is valued at $136,538 per unit. With Jingletown becoming one of Oakland’s fastest growing Art & Business communities, this commercial real estate acquisition represents a perfect opportunity for tapping into a newly bustling region of Oakland.

The multifamily property is located at 1218 Miller Avenue with ease of access to I-880 and I-580 freeways, and Fruitvale BART station. Although built in 1922, the property was upgraded with new kitchens, bathrooms and flooring while promising a significant upside in rents for the buyer.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

NEW PROPERTY LISTINGS

I’d like to receive all individual property listings as they become available.
(up to 5 emails daily)

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NAI Northern California Represents $4.18M Sale of CVS Pharmacy in Sacramento

SACRAMENTO, CA – May 31, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $4.18 million sale of a CVS retail property in Sacramento.

Vice President, Mary Alam and Investment Advisor, David Olsen, represented both the seller and buyer in the absolute triple net transaction with a three-year lease term.

Located in the dense, high traffic Natomas area of Sacramento on 1587 W El Camino Avenue, the transaction of the 23,000 square foot CVS property reveals a profitable opportunity to the new buyer given that it is the only corporate drugstore within a three-mile radius.

Ms. Alam explained, “This transaction presented many challenges due to the ownership structure and zero cash flow terms. We are pleased to have been able to leverage our extensive experience to close this deal to meet our clients’ goals and expectations.”

“Despite the challenges of this deal, we were able to achieve the best results for all parties, which is always our goal,” Mr. Olsen added. “Additionally, this represents NAI Northern California’s fourth NNN transaction in the Sacramento MSA in recent months, increasing our dominance in the Northern California retail market.”

Although a zero cash-flow deal, it is anticipated that the buyer may realize positive cash flow by year five assuming the absence of loan fees. The tenant has made major improvements to the property in the last five years and holds a steady track record of raking in strong store sales.

Some of the retailers’ nearby tenants include a variety of restaurants and cafés, banks and neighboring business parks of the Stone Creek Center between Highways I-5 and I-80.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

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NAI Northern California Represents $3.68M Sale of 12-Unit Multifamily Property

OAKLAND, CA – May 24, 2017– NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $3.68 million sale of a multifamily property in Adam’s Point.

Vice President, Shivu Srinivasan and Investment Advisor, Robert Dau, represented the seller in the transaction process that attracted multiple offers.“With six offers over the asking price, we delivered $185K over list price, and went well beyond the seller’s wildest pricing expectations. This property is a true gem and just walking distance from Lake Merritt.”

The 9,560 square foot multifamily property built in 1975 features 12 one-bedroom, one-bathroom units with ample parking and an overall high potential for an optimal rental upside. With an estimated $385.50 price per square foot, each unit is valued at roughly $307,000.

Located at 394 Orange Street, this multifamily property resides in a quaint region of the East Bay Area, close to Downtown Oakland, Lake Merritt, 19th Street BART station, and offers numerous choices for dining, shopping and entertainment.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

NEW PROPERTY LISTINGS

I’d like to receive all individual property listings as they become available.
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NAI Northern California Represents $2.9M Sale of Berkeley Multifamily Property

BERKELEY, CA – May 22, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a $2.9 million 14-unit multifamily property in Berkeley, CA.

Vice President, Shivu Srinivasan and Investment Advisor, Tim Warren, represented both the buyer and seller in the real estate deal. In this off-market transaction, the seller was looking to cash out and retire from the rental business.

Mr. Warren overcame some challenges with the process of selling the property. “In addition to the deferred maintenance on the 54-year old, 7,047 square foot building, the in-place rents were very low and five of the units were vacant,” he explained.

On the other hand, the multifamily property is an outstanding value-added opportunity for the buyer. Just walking distance from the University of California, Berkeley campus and cradled between the Downtown Berkeley and Ashby BART stations, this location is a perfect rental choice for students and commuters.

Additionally, the multifamily property located at 2123 Blake Street is surrounded by a wealth of culture and recreation from various restaurants, city parks, stadiums and theaters.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

NEW PROPERTY LISTINGS

I’d like to receive all individual property listings as they become available.
(up to 5 emails daily)

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NAI Northern California Represents $3.8M Sale of Piedmont Multifamily Property

OAKLAND, CA – May 19, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a  $3.8 million multifamily property in the prominent Piedmont/Grand Lake area of Oakland, CA.

Vice President, Shivu Srinivasan and Investment Advisor, Robert Dau, represented the seller in the off-market transaction. This trophy property located at 3779 Harrison Street with a total of 16 units including a penthouse, boasted a tremendous investment opportunity. “With low in-place rents, but substantial upside, this deal was truly a win-win for both the buyer and the seller,” stated Shivu Srinivasan.

Built in 1964 and over 12,000 square feet with 15 two-bedroom units and one one-bedroom penthouse, this multifamily residence offers dwellers easy access to downtown Oakland, Lake Merritt, and Piedmont Avenue.

The property is also in close proximity to MacArthur BART station, freeways I-580 and I-980, and is minutes from major hospitals, businesses, restaurants and shopping centers.

About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

NET LEASE RESEARCH

I’d like to receive consolidated exclusive listings emails, news, research reports, etc. (up to 3 emails per week)

NEW PROPERTY LISTINGS

I’d like to receive all individual property listings as they become available.
(up to 5 emails daily)

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