OAKLAND \u2014 A big industrial and logistics hub in Oakland has been bought for well over its previous value in a deal that offers some hope for the reeling Bay Area commercial real estate market.<\/p>\n
WPT Capital Advisors, through an affiliate, paid $112.5 million for the Oakland industrial center, documents filed on March 25 with the Alameda County Recorder\u2019s Office show.<\/p>\n
RELATED:\u00a0OpenAI signs lease for huge East Bay building as tech dynamo expands<\/a><\/p>\n The building was purchased for more than its assessed value, which represents a welcome counterpoint to the loan failures and foreclosures<\/a> that now haunt the Oakland commercial real estate market.<\/p>\n Multiple Oakland hotels<\/a>, office buildings and apartment hubs<\/a> have been jolted by loan defaults and plunging values over the last few years.<\/p>\n The purchase price for the just-bought Oakland industrial center was 53% above the property\u2019s assessed value of $73.4 million.<\/p>\n The shift in the industrial building\u2019s property value hints that the site might experience a rise in its assessed valuation.<\/p>\n This has implications for local government agencies and the services they provide. Property taxes produce a crucial revenue stream for cities, counties, regional agencies, and school districts.<\/p>\n Minnesota-based WPT Capital Advisors obtained a $67.6 million loan from PGIM Real Estate Finance at the time of the purchase of the Oakland industrial center, according to county real estate documents.<\/p>\n Benjamin Moore, a veteran provider of paints and exterior coatings, is one of the tenants in the industrial, warehouse and logistics building, according to Google Maps.<\/p>\n The building, located at the corner of Pardee Drive and Swan Way, totals 374,700 square feet, the PropertyShark commercial real estate database shows.<\/p>\n","protected":false},"excerpt":{"rendered":"OAKLAND \u2014 A big industrial and logistics hub in Oakland has been bought for well over its previous…\n","protected":false},"author":2,"featured_media":237856,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[389,184,387,7,3010,1335,332,9858,383,181,100,143,145,144,388],"class_list":["post-237855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-alameda-county","tag-bay-area","tag-business","tag-california","tag-commercial-real-estate","tag-development","tag-east-bay","tag-east-oakland","tag-economy","tag-latest-headlines","tag-news","tag-oakland","tag-oakland-headlines","tag-oakland-news","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/237855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=237855"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/237855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/237856"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=237855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=237855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=237855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}