OAKLAND, CA-Prentiss Properties Trust has sold a Downtown development parcel here to the Catholic Cathedral Corp. of the East Bay for $25.5 million. Catholic Cathedral Corp. intends to use the site for a new cathedral.

Prentiss, a Dallas-based REIT, acquired the property in 2000 in a $63.3-million package deal that included the adjacent Lake Merritt Tower, a 200,994-sf 10-story office building built in 1990. At the time of the sale, the land parcel was slated for Lake Merritt Tower II and Prentiss said it hoped to begin developing the site in 2001 at an estimated cost of $145 million.

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