The building is an early 1980's tilt-up located off Highway 880 at 9836 Kitty Lane. Kitty Lane is an offshoot of 98th, a new major street running into the Oakland International Airport. Zerox currently uses the facility as a copier repair training center and storage for service parts, but will be vacating the premises in a few months.
Balco Properties declined comment on the acquisition. Local brokers tell GlobeSt.com that Balco must have a tenant in its back pocket or have plans to put one of its own companies in the building, as vacancy in the area is running about 13% to 14% and the leasing market is very difficult.
The asking price for the building was $2.1 million. The brokers involved in the transaction-- Jerry Rampelberg of Pacific Union Commercial for the seller and Craig Hagglund of Lee & Associates East Bay Inc. for Balco--wouldn't confirm the sale price, but other local brokers tell GlobeSt.com the building sold for between $1.9 and $2 million.
A dozen miles south in Union City, a 15,000-sf light industrial building at 33155 Transit Avenue recently sold for about $1.6 million. Located in Panattoni's Central Bay Industrial Park, the three-year-old building was acquired by Alan Computech International, a wholesaler, distributor and reseller of surplus computer products and components. The company owns another building a couple of doors down and will use the space to expand its operations.
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