A property owner in the San Francisco Bay Area has sold a three-property portfolio to an out-of-state real estate investment company and acquired another property in deals that total approximately $71 million.
Encinal Industries sold two office buildings and a vacant parcel of developable land to Portland, Ore.-based ScanlanKemperBard Cos., and then bought a 36,020-square-foot parcel at 1900 Broadway in Oakland that it plans to develop into a 60-story retail-office-hotel-residential project.
The first property Encinal sold consisted of a 43,661-square-foot office building located at 2120 University Ave. in Berkeley, which was fully leased at the time of sale to Lawrence Berkeley National Laboratories.
The second building totaled 123,200 square feet and is located at 1111 Jackson St. in Oakland. At closing, the building was leased to Federal GSA and County of Alameda tenants, including the regional office of the National Park Service, Department of Homeland Security, Social Security Administration, and County of Alameda Department of Human Resources.
The third property is a development site totaling 36,842 square feet of land located at 235 12th St. in Oakland’s Chinatown.