Overview
Newmark’s Private Capital Group is pleased to present the rare opportunity to purchase the fee-simple interest in an existing commercial kitchen / industrial property located at 578 Cleveland Avenue, Albany, CA (the “Property”).
The Property is a fully vacant partial two-story industrial property totaling +/- 30,367 SF on +/- 1.43 acres. Originally constructed in 1948 & 1973, the Property was fully renovated and repositioned into a commercial kitchen facility in 2021. 578 Cleveland is currently configured with a highly functional single tenant layout featuring high ceilings, roll-up doors, kitchens, offices, cold storage, food preparation areas and 60 on-site surface parking stalls. The Property is one of few renovated industrial properties in a supply-constrained submarket, with strong historical performance.
Well positioned with immediate access to both I-580 and I-80, the location provides excellent access to Marin, Alameda, Contra Costa and San Francisco Counties.
578 Cleveland’s fully vacant position provides investors the opportunity to capture recovering market rents with a compelling acquisition basis and no significant deferred maintenance. Additionally, brand-new high-quality tenant improvements completed by the previous ownership include significant building fixtures such as commercial ovens, walk-in coolers and freezers, other equipment and onsite propane for vehicles.
Investment Highlights
Fully Renovated - Recent Multi-Million Dollar Investment
Full-property overhaul spanning building systems, interiors, site and building exterior enhancements, materially reducing deferred maintenance and near-term capex while positioning the asset to capture market rent growth and improve tenant retention.
Turnkey Commercial Kitchen
Fully built-out food-production-industrial facility with brand-new, code-compliant kitchen infrastructure (Type I & II hoods with fire suppression, grease waste system, floor drains, upgraded power/gas, cold storage, vehicle wash area, and food-grade finishes), reducing near-term capex and accelerating time-to-production for commissary, ghost kitchen, and catering users — supporting premium rents and faster lease-up.
Irreplaceable Infill I-80 Corridor Location
Immediate access to both I-580 & I-80, provide excellent access to key markets in Marin, Alameda and San Francisco counties.
Proximity to Prominent Restaurant/Retail Corridors
Short drive to major restaurant and retail corridors and dense local customer bases including San Pablo Ave in Albany, Downtown Berkeley and Berkeley’s Gourmet Ghetto and 4th Street Corridor.
Fully Vacant
Fully vacant industrial asset enables immediate occupancy and custom build-out for owner-users, while giving investors a clean slate to design optimal spec improvements, and targeted lease-up to capture market rents—without legacy leases, buyouts, or disruption risk.
Recovering Market Fundamentals
Market indicators point to improving leasing velocity, positive net absorption, stabilizing vacancy, with virtually little new supply.
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