Oakland's Latest Sale
Scenery Investment just bought 7817 Oakport in Oakland from a private ownership group for more than $2M. Scenery was a tenant in the building for about a year and decided to buy the property for their business, says Lee & Associates' Joe McGlynn, who repped the seller. The owner previously put the building on the market in years past. It wasn't, however, up for sale at the time the buyer wanted to pounce, Joe says. (As they say, good things—or a tenant-turned-owner—come to those who wait.)
By the looks of those luscious trees, the new owner must've liked the entrance. (You don't name your company Scenery if you don't appreciate a good view.) The nearly 24k SF property traded at $85/SF under the owner-user deal. Joe says he believes Oakland office sale prices will continue to rise and transactions will increase throughout 2014 as more and more buildings are coming to the market. Vince Schwab of Marcus & Millichap also repped the seller, while Tom Thatcher of Hamilton, Cohn, Thatcher & Associates repped the buyer.