Ed Hemmat Of Leamington LLC Acquires Office Building At 1814 Franklin Street From CIT Bank For $14.4M

The asset involved in this transaction is an office building located at 1814 Franklin Street in the Oakland market. The property was sold for $14,400,000 and has a total square footage of 118,000. The price per square foot for the transaction is $122. The Leamington building, which is approximately 100 years old, is now about 42% leased and represents a significant acquisition following a previous seizure from Stockbridge Real Estate.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $14,400,000
• Buyer: Ed Hemmat - Leamington LLC
• Seller: CIT Bank
• Broker Representatives: Christian Diggs & Jack Dyke - Touchstone Commercial Partners
• Square Footage: 118,000
• Price Per Square Foot: $122

The deal involved Ed Hemmat leading Leamington LLC in the acquisition of the property, which was previously under the ownership of CIT Bank. The transaction was facilitated by Christian Diggs and Jack Dyke representing Touchstone Commercial Partners, reflecting ongoing adjustments in the Oakland office market post-pandemic.