WPT Capital Advisors purchased the 375K SF Oakland Logistics Center at the corners of Pardee Drive and Swan Lane in Oakland for $112.5M.

The property on 18.6 acres was built in 2014 by Birtcher Development and Investments LLC and houses paint manufacturer Benjamin Moore’s Oakland distribution center, with two commercial spaces available for lease.

Bentall Kennedy, which in 2019 merged with GreenOak Real Estate to form BGO, purchased the building in 2015, The Registry reported.

The property, located within the footprint of Oakland’s Airport Business Park, sold for 53% more than its assessed value of $73.4M, The Mercury News reported. PGIM Real Estate Finance provided WPT Capital Advisors with a $67.6M loan for the acquisition.

The Oakland industrial corridor, which comprises more than 127M SF, had an overall vacancy rate of 7.1% at the end of Q4 2025, according to CBRE. That’s up from 5.8% in the same quarter in 2024 and nearly double the vacancy rate of 3.8% two years prior, CBRE noted.

Overall asking lease rates, however, have held relatively steady during that span, ticking down to $1.31 per SF on a full-service basis versus $1.38 per SF in 2023.

Industrial developers delivered 1.2M SF of speculative construction in the Oakland/East Bay submarket in 2025, according to Cushman & Wakefield. But they have since pulled back on adding new spec inventory as vacancy continues to rise in the softening market. The industrial construction pipeline for the East Bay area is at its lowest levels since 2016, Cushman & Wakefield noted.