1717 Doolittle / 2388 Williams*

* Previously acquired and redeveloped.

In May 2014, Comstock Realty Partners formed a joint venture and successfully acquired the 421,538 Net Rentable Square Foot building located on 19.16 acres located at 1717 Doolittle Drive, San Leandro, California.

Adrian Comstock, Managing Principal, stated "We saw an opportunity to acquire a strong Class B industrial building with in-place income in an attractive single-digit vacancy infill industrial submarket that also has the additional long-term opportunity to redevelop excess land at the property."  He summed up the property as "a hybrid of stable cash flow with development-driven returns." 

For leasing information, You can find a description of the new building listed by CBRE here on their website.
 

This property is right down the middle of our strike zone in terms of size, quality, age and complexity. Having office, manufacturing and distribution space in its 421,000 rentable square feet, 1717 Doolittle was a more complex property than some owners probably wanted to deal with. We plan to clean up the rent roll and simplify the way the property will be managed in the future, enabling institutional buyers to own it with ease.

Scott Matkins 
Principal, Comstock Realty Partners

In terms of physical attributes, the truck loading, access to the 880 Freeway, and corporate visibility together place this property at the top-end of the San Leandro submarket. Many of the competing Class B industrial buildings have half as many truck dock positions per square foot as 1717 Doolittle provides. Additionally, with the industrial sector’s tenants having an increased focus on distribution and on efficient access to highways, this property seems well positioned to be a valuable industrial asset for many years to come.

Craig Burger 
Principal, Comstock Realty Partners

Details

2388 Williams
LAND:  part of 19.3 acres
BUILDING:  161,483 SF
OFFICE:  7,136 SF
CLEAR HEIGHT:  32'
LOADING DOORS:  36 DH / 2 GL
SPRINKLER CALCS:  0.45 GPM
DEPTH OF COURT/YARD:  135'
POWER:  2,000 Amps
ZONING:  IG

1717 Doolittle
BUILDING:  421,538 SF
OFFICE:  50,000 SF
CLEAR HEIGHT:  19' - 22'
LOADING DOORS:  30 DH / 4 GL
SPRINKLER CALCS:  0.45 GPM
DEPTH OF COURT/YARD:  76.3' - 91.1'
POWER:  1,200 - 4,000 Amps
ZONING:  IG