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NEWARK, CA-The 70,000-sf headquarters of merchandising display maker Beeline Inc. has changed hands for about $15.5 million, industry sources tell GlobeSt.com. The new owner is a closed-end fund of Cohen Asset Management Inc. The name of the private seller was not immediately available.

Opus Corp. built 7000 Gateway Blvd. in 1996 specifically for Beeline, which was acquired by Legett & Platt in 2002. The building has 28,000 sf of office and 42,000 sf of R&D/industrial space. It has 24-foot clear heights, grade-level and dock doors, visibility to the Interstate 84 and is over-parked with a ratio of 3.9 spaces per 1,000 sf of building area.

Brandon Delf, a senior acquisitions guy for CAMI tells GlobeSt.com that the Beeline Group lease will need to be renewed or replaced during the life of the fund, which is eight years. “We think the tenant will stay and if not we will have many other tenants looking at the space,” Delf says. “We think it’s good, solid real estate and we expect appreciation in rental rates.”

The fund that acquired the property is relatively new, having made five acquisitions. Delf says the fund is looking to acquire additional assets in the Bay Area. The fund’s sweet spot is in the $10- to $30-million range, he says.

Doug Norton, Ryan Indart, and Kathy Kelleher of CB Richard Ellis’ Oakland office handled both sides of the transaction.

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