Prologis Walks Away From Purchase Of Former Raiders Practice Facility In Oakland

The Oakland Raiders' Former Headquarters In Alameda

Prologis has dropped its offer to purchase an athletics facility in Oakland, California, after completing the due diligence process on the acquisition, The Mercury News reports.

The world’s largest industrial REIT had offered to purchase the property, which served as a practice facility for the NFL’s Raiders before their move from Oakland to Las Vegas. The 16-acre facility owned by the city of Oakland and Alameda County is valued at $24M — the same price Prologis bid — and includes office space, soccer fields, training areas and parking.

Soccer teams the Oakland Roots and Soul practice at the facility and would have continued to do so under the terms of a lease that was part of Prologis’ purchase agreement.

“In the end, after completing due diligence, we concluded that this deal ultimately is not going to work out and wish the best for the City, County and Roots as they move forward,” a spokesperson for Prologis told The Mercury News in an email.

Oakland Pro Soccer Inc., the parent company of the Roots and Soul, could buy the property or find another buyer to lease the space back to the teams.

The city of Oakland, which faces a $115M budget deficit this year, was counting on the revenue from the sale, according to The Mercury News.

Finding a buyer for the practice facility has proven difficult. The city and county held a summer 2023 auction with an opening bid of $36M, but no bidders came forward. The property is zoned for commercial manufacturing or light industrial uses.

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