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NAI Northern California Presents: $14 Million Sale of Trophy 44-Unit Project in Oakland, CA

Leader in multifamily, retail, and office investment transactions closes major deal in the heart of Oakland’s Grand Lake neighborhood

OAKLAND, CA –  June 27, 2019 –  NAI Northern California is pleased to announce the sale of Vermont Apartments, a 44-unit property constructed in 1968. Tim WarrenKent MitchellRandell Silva, and Alex Lin represented the Seller in the transaction, and were able to generate an all-cash offer over the list price during pre-marketing. In addition, after securing a buyer, they were able to find a replacement property for their client to satisfy 1031 exchange requirement.

Vermont Apartments was situated on a 19,700 SF lot and consisted of two (2) 2 bedroom/2bathroom penthouse units, nine (9) 2 bedroom/1 bathroom units, twenty-eight (28) 1 bedroom/1 bathroom units, and five (5) studio units. The project also sat above 43 garage spaces, offering a nearly 1-to-1 parking ration, and offered four (4) on-site laundry rooms, a beautiful pool, and balconies with sweeping views. Over the years, it was very well maintained and provided the new owners with the potential of significant upside upon unit turnover.

It was centrally located, with easy access to the 19th Street BART station and several city bus lines, just blocks away from Trader Joe’s, the Oakland-Grand Lake Farmer’s Market, various cafes, and Lake Merritt, providing tenants convenient access to all daily amenities. Furthermore, many of Oakland’s best restaurants and nighttime attractions were also within walking distance, including the Grand Lake Theatre and shopping opportunities such as Gap, Urban Indigo, and others.

 

About NAI Northern California

NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

NAI Northern California ranks in Top 5 San Francisco commercial real estate brokerages with revenue up 18% entering 2019

Leader in Bay Area multifamily, retail, and office investment sales and leasing transactions owes continued expansion to its team of talented people

Fast-forward from its 2004 debut on the San Francisco Bay Area real estate scene, NAI Northern California has grown in transaction volume to the 5th largest commercial real estate brokerage in San Francisco and 6th largest in the East Bay according to the San Francisco Business Times. With a major specialization in investment property sales and corporate leasing transactions, the company was up 18% in total revenue from the previous year.

“We are proud to have evolved into one the top brokerages that Bay Area investors turn to when it comes to representation of their multifamily, retail, office, industrial, and land assets,” says President James Kilpatrick.

He points out, “The secret to our success is that we invest in talented real estate professionals who provide amazing service on transactions and offer deep expertise on Northern California submarkets and far beyond. We bring together a group of people as diverse as the Bay Area itself, and we value what all these different experiences bring to serving our clients. Our company culture is really big on professional development and empowerment, from our interactive sales training workshops to our technology platform that encourages a high level of collaboration.”

At NAI Northern California’s recent 2019 Kick-Off Event hosted in downtown Oakland, James Kilpatrick and Brett Stratton led the team in celebrating great momentum. For the third year in a row, the spot of company-wide Top Producer was earned by Shivu Srinivasan, who leads one of the most successful teams in East Bay multifamily sales. Other top producers in the 2018 NAI Northern California President’s Club, include Kent Mitchell, Doug Sharpe, Ethan Berger, Tim Warren, Joel Calvillo, Mary Alam, Grant Chappell, Kevin Flaherty, Rudas Gebregiorges, and Joby Tapia.

“2018 was a great year for NAI Northern California, and we are excited to be celebrating with all our top agents in Las Vegas this spring for our Top Producers Retreat,” says James Kilpatrick. “Our San Francisco and East Bay teams are solid, and as the year unfolds NAI Northern California is ramping up an expanded presence to serve our clients in the South Bay Area.”

 

NAI Northern California represents $10.45M sale of Fruitvale Gateway Building in Oakland

Oakland, CA – October 29, 2018 – NAI Northern California, the Bay Area presence for NAI Global and the largest commercial real estate brokerage network in the world, is proud to announce the $10.45 million sale of the Fruitvale Gateway Building in Oakland.

The Mitchell Warren Team, including Vice President Kent Mitchell and Senior Investment Advisor Tim Warren, and Principal Grant Chappell represented both the Buyer and Seller of this transaction.

“We worked for over a year to get this done. We never stopped pursuing leads and supporting multiple escrow efforts until the right buyer closed,” said Mitchell.

The acquisition of the two-acre, eight-story office tower includes more than an acre of land remaining for development. Centrally located with easy access to various transportation points including Fruitvale BART station and interstate freeways, this transaction offers the Buyer a rare development opportunity for increased rental options or a new type of property.

The Fruitvale Gateway Building is a strongly-occupied 50,008 square foot office building located on International Boulevard in the Fruitvale District of Oakland. Historically, the property has benefited from strong rental demand from a diverse tenant background, due in part to its close proximity to various amenities and the high quality of space it provides.

 

About NAI Northern California

NAI Northern California is a full-service commercial real estate firm serving the Northern California Bay Area. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

 

To learn more, visit nainorcal.com.