NAI Northern California Sets Records with $9.75MM Sale of Oakland/Piedmont Trophy Asset

OAKLAND, CA – JULY 2016 –

NAI Northern California, the Bay Area presence of NAI Global, with 375 office worldwide, is proud to have brokered the off-market sale transaction of a 28-unit property in the Piedmont/Grand Lake district of Oakland, California. This asset hadn’t changed hands in over 25 years, and the $9.75MM price equates to $350,000 per unit and $412 per square foot, one of the highest on record for the area. Both Buyer and Seller were represented by Shivu Srinivasan, Senior Investment Advisor at NAI Northern California.

“This was an excellent opportunity for the buyer to acquire a rare property that is well-located with significant upside potential. Additionally, the seller agreed to carry paper at a 10 year fixed rate of 3.00%. The transaction was a win for both parties” said Srinivasan. Some of Srinivasan’s other notable sales include a $330/SF transaction on 23rd Ave in Oakland, and a $310,000 per unit transaction in Berkeley.

The property is in the quiet and upscale Piedmont/Oakland border, one of the most desirable neighborhoods in Alameda County. The building has a large penthouse, an open-air, beautifully landscaped central atrium, and all units have private balconies and 1:1 parking. Proximal location to the freeway, BART, Whole Foods, Trader Joe’s, and a variety of other shops, restaurants, and entertainment options will help this building continue to demand premium rents.

“We continue to see volatility and uncertainty translating to a flight to quality among sophisticated investors. This type of irreplaceable asset rarely is available off-market and is a testament to the technology we’ve implemented and the talent we have been fortunate enough to attract” said James Kilpatrick, President of NAI Northern California.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

13-Unit Multifamily Complex in Berkeley Sold for $4.025 Million by NAI Northern California

BERKELEY, 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 2607 Ellsworth, a 13-unit multifamily complex located in Berkeley, California. Shivu Srinivasan, Senior Investment Advisor, and Grant Chappell, Senior Vice President for NAI, represented both parties in the transaction.

 Located four blocks south of the UC Berkeley campus, 2607 Ellsworth offers a strong mix of two bedroom/bathroom units with a penthouse unit featuring two rooftop decks.  Ample retail and entertainment options and close proximity to public transportation coupled with a stable student rental market resulted in significant investor interest for the complex.

 “With below market rents and spacious units, this complex offers a buyer considerable rental upside,” commented Shivu Srinivasan, Senior Investment Advisor for NAI.  “We received multiple offers and were able to close within 45 days with very short contingencies.”

The complex sold for $310K per unit and $361 per sf, a premium for the downtown Berkeley market.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

NAI Northern California Completes $1.925M Land Sale in Berkeley

BERKELEY, CA – APRIL 2016 – NAI Northern California is pleased to announce the recent completion of a $1.925 million sale of a .33-acre commercial land parcel near downtown Berkeley.

A developer group from San Francisco and the South Bay purchased the land, located on 1740 San Pablo Road on the northwest corner of Delaware Street and San Pablo Road in downtown Berkeley.

Mary Alam, Vice President at NAI Northern California’s San Francisco office, represented both buyer and seller in the transaction.  “This was an excellent opportunity for the buyer to purchase a quality site in downtown Berkeley,” said Alam, adding, “the proximity to UC Berkeley, prime retail such as Whole Foods, and overall key demographics make this acquisition a valuable development play for the buyers.”

With a potential residential development of up to 44 units, this recent sale is the latest of several transactions NAI has represented in the Berkeley market demonstrating a clear and continuing demand for multi-family opportunities.

“The acquisition of this parcel was very complex and time-consuming; however Mary’s dedication and commitment to the purchase and sale greatly simplified the process,” noted NAI’s President James Kilpatrick.  “Mary has once again shown her superior skills in providing value to her clients.”  Alam specializes in leased investments with a focus on retail, office and redevelopment opportunities.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

Continued Success for New NAI Agents

 

Alex Orloff (L) and Shivu Srinivasan (R) with President James Kilpatrick

Congratulations to two more NAI Northern California agents who just closed their first deals!

Alex Orloff recently closed the Desert Sand Motel, a 42-room independent motel in a prime downtown Sacramento location for $2,000,000. The 11,276 square foot motel includes a cafe and two-bedroomowner’s apartment. According to Alex, “This hospitality investment gave an experienced operator access to the growing downtown Sacramento market in a rare value-add opportunity.”

Alex’s professional career spans both real estate investing and digital advertising. His background brings a uniquely well informed and strategically thoughtful advisory to clients from ownership, operations, and portfolio management perspectives.

Shivu Srinivasan‘s first deal was a multi-family property located on Regent Street in Alameda for $1,400,000. He “represented both the buyer and seller in this off-market transaction. The transaction is only one of three ever recorded in the city of Alameda to sell at or over $280,000 per unit. This was an excellent opportunity to acquire a stable asset  with high rental upside and a market CAP of 5.42%.”

After beginning his career as a commercial analyst with the U.S. the Department of Commerce, Shivu began working for the sales team at LoopNet, CoStar’s marketing platform, immediately establishing himself as the top producer. As a resident of the Bay Area for 7 years, he has an intimate knowledge of the regional market.

Congrats on your first deals at NAI! Interested in a career at NAI Northern California? Click here for more information.


Congratulations on Closed Deals!

We’d like to highlight the accomplishments of two recently-licensed NAI Northern California agents who just closed their first deals!

Brian Skavdahl recently closed 150 Birch Street, a 5-unit Redwood City multi-family property, for $1,950,000 ($150,000 over ask) at 3.03% CAP. According to Brian, “150 Birch Street was a rare opportunity for an investor to own within close proximity to an up-and-coming downtown Redwood City. The location of the property, as well as a lack of inventory in the area, led to extremely competitive offers and a close of escrow after on 33 days on the market. With all leases well below market rents, the new owners can expect immediate upside in cash flow.”

Born and raised in the Bay Area, Brian has grown to become an expert in both the Peninsula and South Bay Markets. His knowledge of the area allows him to provide valuable insight and intelligent advice to both buyers and sellers in these markets.

Peter Hong listed a 3-unit multi-family property located at 43563 Ellsworth Street in Fremont, CA. The 3-bed, 2-bath townhomes in an award-winning school district closed for $1,775,000 at 2.02% CAP! Insight from Peter: “The purchase and sale of 43563 Ellsworth Street was just one of only a handful of multi-unit residential sales in the Mission San Jose neighborhood over the last ten years. The buyer had a rare opportunity to obtain a property in an area where word of mouth helps keep vacancies at consistently low rates. All inspections and contingencies were completed in a timely manner, leading to closing of escrow within forty-five days.”

Peter received a Master of Business Administration degree from the University of Michigan, helping him to better understand the world of commercial real estate.

Congrats on your first deals, gentlemen! We can’t wait to see what the future has in store for you both.
Interested in a career at NAI Northern California? Click here for more information.

Brian Skavdahl (L) and Peter Hong (R) with President James Kilpatrick

NAI Northern California Closes $3.3 Million Mill Valley Multifamily Asset

MILL VALLEY – February 2014 – NAI Northern California is proud to announce the sale of a 12-unit multifamily apartment complex in Mill Valley, CA.  This is the latest in a string of high-quality transactions in the North Bay Multi-family market.

NAI was retained as exclusive representation for the Seller in the transaction and represented the Buyer as well. The property presented a unique opportunity due to low inventory in Southern Marin, high rental upside, amenities and an ideal San Francisco Bay Area location.

According to Joby Tapia who handled the transaction, “this quiet neighborhood in Mill Valley hasn’t seen this type of opportunity in decades. With planned renovations, this property should outperform neighboring properties.”

Firm President James Kilpatrick added, “This is a great example of how technology and expertise are both essential for the best outcome. Our Salesforce platform accessed serious Buyers outside of conventional parties. Joby’s years of expertise made sure a premium price was paid, and that the process and risks were well managed”.

Joby is an executive with 15 years of experience managing commercial and multifamily assets, including market rate and rent-controlled properties, for both private and institutional owners in the Northern California.

About NAI Northern California

Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California’s three SF Bay Area offices are growing rapidly and benefit from 385 NAI offices worldwide. NAI Global is the largest managed network in the world and continues to be a top 5 worldwide Brand and operation as recognized by the most recent Lipsey Survey.

NAI Broker Ethan Berger Closes 52-Unit Antioch Apartment Complex

ANTIOCH – December 2014 – NAI Northern California announced the sale of a multifamily apartment complex in Antioch, CA. This is the largest multifamily transaction in Antioch for 2014, both for number of units and for total dollar amount.

The Buyer in the transaction was represented by Ethan Berger of NAI Northern California, which was never publicly advertised. Berger became aware of the opportunity through direct contact with the Owner, who had owned the property for 25 years. The subject property was comprised of 80%+ 2 bedroom units and offered the potential for the new Owners to acquire a property with a significant amount of units at a low gross rent multiplier and to re-position the property to achieve significant upside.

NAI’s President James Kilpatrick added, “This is a good example of a continued trend we’re seeing where deliverable multifamily assets with upside potential in secondary markets are seeing increasingly competitive Buyer demand. Even local specialists such as Ethan Berger require aggressive legwork to be able to secure these investments for our clients. A large part of this is how many investors are chasing relatively attractive yields while rates remain low.”

Ethan began his career in 2009 as a member of the Contra Costa & Solano multifamily brokerage team at NAI representing buyers and sellers of multifamily properties. He hasgained a reputation of reliability and distinction after selling a number of buildings for record prices while delivering attentive service to his clients. Since joining NAI, Berger has been involved in a number of record-setting transactions in cities throughout Contra Costa and Solano Counties. His reputation as a dedicated, aggressive, and client-centric sales professional is evident in his successes and the relationships he has forged.

About NAI Northern California

Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California prides itself on its accomplishments, culture and growth. With three offices in the Northern California Bay Area and 385 worldwide, NAI Global is the largest managed network in the world.