Lincoln Property Closes Sales to Comcast, Carpenters Union

OAKLAND, CA-Comcast Cable and the Carpenters Union each have acquired property on Hegenberger Road from Lincoln Property Co. Dallas-based Lincoln acquired 14.3 acres on Hegenberger two years ago and now has one site left to develop, according to the company’s broker for the transactions, Mel Harrison of BT Commercial in Oakland.The Carpenters Union paid $14.2 million for a two-story, 72,000-sf building that Lincoln built to suit the company at 101 Hegenberger Rd. The union’s broker in the deal, Bob Hamilton of Hamilton Cohn & Thatcher in Oakland tells GlobeSt.com that the union is currently in older space it owns on the same road and wanted to trade up. The union’s existing space is being marketed for sale by BT Commercial.Comcast paid just under $4.6 million for a 5.9-acre site entitled and permitted for a 50,000-sf industrial-flex building that it will develop for use as an operations center. Harrison tells GlobeSt.com the transaction was originally a build-to-suit deal with AT&T that, after its merger with Comcast, turned into a sale. Dave Bruzzone with CM Realty Advisors of Pleasanton and Dallas-based Fischer & Co. represented Comcast in the transaction.Both properties are pieces of 14.3 acres Lincoln acquired two years ago and split into four parcels. At that time, Lincoln already had the Carpenters Union in tow and had strong interest from AT&T, says Harrison. On one of the remaining parcels Lincoln recently completed a speculative 42,000-sf flex building that is in shell condition and being marketed for sale as a condominium building. Harrison says one deal for 10,200 sf is deep in negotiation. For the remaining undeveloped parcel, Lincoln is expected to announce soon a slightly smaller speculative flex building. Whether it will be marketed for sale or lease has yet to be determined.