DRA Advisors group pays $133M for four East Bay commercial buildings

A group of investors led by DRA Advisors has expanded on a recent purchase of 10 commercial buildings in Silicon Valley with four more buildings in the East Bay for $133 million.

The unidentified investors headed by New-York-based DRA bought three buildings at 41444, 41460 and 41762 Christy Street in Fremont and a building at 7300 Edgewater Drive in Oakland, the East Bay Times reported, citing public documents.

The sellers of the low-slung office and industrial buildings were four affiliates of New York-based Blackstone.

Blackstone bought the South Bay buildings and others across the U.S. through its acquisition of PS Business Parks in 2022 for $7.6 billion. PS Business Parks was a spinoff of Public Storage, headquartered in Glendale.

This month, the DRA-led investors picked up 10 office, industrial and commercial buildings in Milpitas, San Jose and Santa Clara for a combined $222 million. 

The latest haul brings the DRA-led property deals with Blackstone in Santa Clara and Alameda counties to a combined $355 million.

The DRA-led investors paid $81 million for the three buildings that make up the Fremont Commerce Center on Christy Street. Together, the buildings total 344,000 square feet. The price works out to $235 per square foot.

The group paid $52 million for the 81,800-square foot light manufacturing building on Edgewater Drive in Oakland. The price works out to $636 per square foot.

The combined deals in Fremont and Oakland work out to $312 per square foot.

DRA Advisors, co-founded by David Luski in 1985, invests in multifamily, industrial, retail and office properties. At the end of last year, it had $12.9 billion in assets under management, including 579 properties in 34 states, according to its website.

Last year, the firm hired two brokerages to sell 24 shopping centers, mostly in the Midwest. 

— Dana Bartholomew

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