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December 10, 2017
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NORTHERN CALIFORNIA NEWS
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Old Mother’s Cookies Building in Oakland Sells in Sweet $10 Mil Deal

11/30/17

The 21-unit Old Mother’s Cookies Lofts building in Oakland was acquired by BRAD Management in a recent $9.86 mil transaction. We’re told this sale represents the highest price per unit for a multifamily deal in Oakland this year (for a building constructed prior to 2008).

The property, located at 1148 E. 18th St, was sold by REV PROJECTS, which had purchased the building two years earlier for $7.29 mil. The seller enjoyed appreciation of 35% over roughly two years.

Built in the 1915, the property is the site of the original Mother’s Cookies Factory. In 2009, conversion of the property to live/work loft units was completed and the Certificate of Occupancy was received, exempting the building from the Oakland Rent Control Ordinance.

Brandon Geraldo, Ryan Rodriguez and Lauren Savett with Colliers International represented both parties in the transaction.

According to Geraldo, the 35.8k sf building consists of 20 live/work lofts and one commercial unit, ranging from 1k sf to 2.6k sf in size. Average in-place monthly rents are $2,987 per unit or $1.89 per square foot.

“This transaction fully demonstrates the demand for live/work space in Oakland and other urban Bay Area markets. We had significant interest from buyer groups in San Francisco and Oakland, however, a Southern California-based buyer stepped up in a big way,” Geraldo added.




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