NAI Northern California Represents $1.3MM Sale of Multifamily and Sets Record for Oakland

OAKLAND, CA – April 6, 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 unique multifamily property in West Oakland. Sr. Vice President, Grant Chappell and Investment Advisors, Tim Norkol and Jenny Lu, represented the seller in the $1.3 million dollar sale.

Sold at $350K over the asking price, the two-unit, 3,120 square foot multifamily building received 15 offers and was followed by a swift 21-day Escrow. Additionally, the transaction set a record for West Oakland at $650,250 per unit.

“This property was a rare opportunity in West Oakland that drew interest from both investors and owner-users,” says Tim Norkol. “With a possible rent control exemption and three bathrooms in each large unit, we received a total of 15 offers and countered the top 4 parties, closing over $350K above our list price, thanks to our strategic marketing plan. The sale was hotly contested throughout and our repeat client was very pleased with the outcome.”

Once an old church, the beautifully renovated and currently vacant property was converted to condominium specifications. It now offers great potential for a harmonious user-owner opportunity with the possibility of rent control exemption.

The Oakland property sits at the crescent of Highways 980 and 880 close to 19th Street BART Station, Paramount Theatre, and various schools and retail outlets.

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 380 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 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.

NAI Northern California Sells Piedmont Executive Center for $4.2 Million

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.”

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