A warehouse near Alameda’s waterfront will soon be torn down to make room for new homes after a chain reaction of real estate deals.
The site was recently picked up by homebuilder Lennar, which plans to build 89 homes on the 7.2-acre plot at 1551 Buena Vista Ave.
Lennar bought the site for $17 million from Trident Partners, which spent close to a decade entitling the site for 52 single family homes and a 37-unit condo building and finally bought the property in January 2013.
Like many homebuilders, Lennar has been aggressively going after new home sites as the Bay Area market roars back to life.
“We continue to invest in carefully underwritten strategic land acquisitions in well-positioned markets,” said Lennar executives in its most recent quarterly earnings report.
The Buena Vista site, which sits close to a marina, has a 138,000-square-foot warehouse that was occupied by Chipman Relocations, a moving and storage company, for close to 30 years.
The property is a former industrial area the City of Alameda rezoned to allow for housing development.
Chipman vacated the warehouse earlier this year and moved to 1575 Zephyr Ave. in Hayward, where the firm leased 95,050 square feet. Kevin Hatcher and Mark Maguire of Colliers International represented Chipman in its lease.
Coincidentally, Cook also represented Trident in its purchase and sale of the Alameda property.
“It’s a nice property, it’s going to have water views,” Cook said.