NEWARK, CA-KTR Capital Partners has acquired its first Northern California property with an affiliate's acquisition of the 333,718-square-foot Baypointe Centre industrial park at 7411 and 8000-8200 Central Ave. in Newark, CA. Upon closing the acquisition KTR sold 7411 Central Ave., a vacant 140,000-square-foot industrial building. to an owner-user.

Terms of the two sales were not disclosed. According to industry sources, KTR paid $17.5 million for the Bayhpointe property and sold the 7411 Central property for $9.1 million. KTR was represented by the CB Richard Ellis team of Joe Kelly and Rob Shannon, who will be leasing the remaining 28,904 square feet at 8000-8024 Central Ave. on behalf of KTR.

The three remaining buildings of the Baypointe Centre acquisition total 193,648 square feet. Located approximately two miles west of I-880 the buildings sit on approximately 11 acres in the East Bay submarket and is 85% leased.

Brian Gagne, vice president of Investments at KTR, said that the company acquired the buildings from a bank it has bought assets from in the past. "Even though it is our first acquisition in the East Bay market, we were able to complete the transaction in an accelerated fashion," Gagne said.

Gagne added, "As evidenced by the strong user interest during due diligence, these are very functional buildings that are well-suited for the tenant base typical of the I-880 corridor. While it was not our intention to immediately sell a portion of the property, 7411 Central Ave. is located on a separate parcel and the purchase price was very compelling in relation to our overall basis."

KTR partner John DiCola added that the firm is actively looking for additional properties to acquire in the East Bay.