The building sits on a full block (40,000 sf) at the intersection of Third Avenue and Market Street, a few blocks south of Interstate 880 and two blocks north of Jack London Square. The sale price was $3.35 million.
Privately held Extra Space Storage plans to renovate the building and add it to the 100 or so other public storage properties it owns in 13 states, including six in the Bay Area. A call to the Salt Lake City-based company was not returned. David Becker of HC&M Commercial Properties negotiated the acquisition for the company.
The seller, Alameda, CA-based Golden State International, is a major importer and wholesaler of fashion watches. Neil Kelly and Jerry Rampelberg of Pacific Union Commercial Brokerage in San Francisco had the disposition assignment. One-third of the building was built out as office. Rampelberg tells GlobeSt.com that Golden State International kept inventory in the warehouse and its sales staff in the office space before declaring the building surplus and putting it on the market.
The sale reportedly took six months to close escrow because it took longer than expected for Extra Space Storage to gain the approvals they needed for the conversion to public storage. In addition to its existing properties, Extra Space has 30 properties under development. The company opened 11 new developments in 2002.
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