According to Colliers fourth quarter 2002 Oakland market report, overallindustrial vacancy rates for the Oakland metropolitan area stand at 9%, up from 7.3% at the end of 2001. Net absorption was 16,055-sf.
"If we learned anything from the early 1990s, it would be a safe bet tosay that we've got one or two more years to go before we see any significantchange in the market," the market report states. "However, this industrial market isin much better shape than the office market and many other industrial markets throughout the country."
The Crucible, a non-profit community arts education organization, has acquired a 47,230-sf warehouse at 755 Union St./1260 Seventh St. According to Colliers, the purchase price was $2.3 million cash with a bargain sale, where the sellers are entitled to a charitable tax deduction equal to the difference of the $2.3 million bargain sale price and the appraisedvalue.
"The transaction was difficult to make because the City of Oakland rezoned the warehouse to S-16, preventing most industrial users from using the property," says Michael Barry, VP at Colliers in Oakland. "Given the difficult situation with the zoning, it became a win-win for both buyer and seller."
Barry, Greg Lagomarsino, and Gabe Burke, also with Colliers, represented the seller, theWallace Family, in this transaction.
In addition, Acts Community Development Corp. has purchased a 70,000-sf industrial building at 8410-8430 Amelia St. in Oakland for an undisclosed price. The company plans to expand and continue its church- and community-related activities.
Acts Community Development is an arm of the Acts Full Gospel church in Oakland. According to Colliers International, a portion of the property was leased at the time of the sale, and these leases will stay in place at least through the present lease terms.
Norm Eggen of Colliers represented both the seller, the Dreisbach Family Trust, and the buyer, Acts Community Development Corp., in the transaction.
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