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| Andie Fezzel |
SAN FRANCISCO, CA – JLL announced it has closed the $23 million sale of a 94,976-square-foot, fully leased industrial building at 33401 Central Ave. in the high barriers-to-entry East Bay community of Union City, California.
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| Ryan Sitov |
JLL Capital Markets marketed the property on behalf of the seller, GJK Properties LLC. Elion Partners purchased the asset.
Additionally, JLL’s Agency Leasing team structured a lease for a new entity to lease the property from the new owner.
Originally constructed in 1979, the single-tenant property was renovated in 2019 and features tilt-up construction, 26-foot clear heights, 12 dock-high doors, one grade-level door, skylights and a low office finish.
33401 Central Ave. is situated on 4.56 acres in the core I-880 East Bay Industrial submarket, the Bay Area’s most sought after, infill industrial submarket.
The property is off Interstate 880 and CA-238 and provides easy accessibility to Oakland International Airport, San Francisco International Airport and the Port of Oakland.
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| Mark Detmer |
The JLL Capital Markets team representing the seller was led by Senior Director Ryan Sitov, Senior Managing Director Mark Detmer and Associate Andie Fezell.
“There is insatiable investor demand for well-located industrial product along the I-880 Corridor,” said Sitov. “The strong historical performance of the market is attracting new capital.”
The JLL Agency Leasing team included Managing Director Jason Ovadia and Senior Vice President Eddie Shuai.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.
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| This 94,976-square-foot, fully leased industrial building sold at 33401 Central Avenue, Union City, CA |
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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| Jason Ovadia |
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Elion Partners
Elion Partners is a real estate investment firm and registered investment adviser. As a vertically integrated platform, Elion serves as both a fiduciary and operator, managing $1.5 billion in real estate assets.
Since its founding in 2010, principals of Elion have made personal investments in each of the firm’s funds to ensure alignment of interest and transparency with its capital partners.
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| Eddie Shuai |
CONTACT:
Kristen Murphy
Senior Manager, Public Relations
Investor Services JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
