Prologis has left the field of the former Oakland Raiders headquarters and training facility in Alameda after withdrawing its $24 million bid.
The San Francisco-based real estate investment trust killed its deal to buy the 16-acre property from the City of Oakland and Alameda County at 1150 and 1220 Harbor Bay Parkway, on Bay Farm Island, the East Bay Times reported.
The reason for its withdrawal was not disclosed. Prologis “elected not to proceed” with the purchase last month for reasons not made public, according to city documents.
The Prologis offer, made early this year, worked out to $1.5 million an acre, or $202 per square foot for the two-building property.
The now-dead deal would have kept the Oakland Roots and Soul soccer teams as long-term tenants and serve as a potential use in the 2026 World Cup. The Roots, an affiliate of Oakland Pro Soccer, has leased the property since 2021 and had once vied to buy the site.
“In the end, after completing due diligence, we concluded that this deal ultimately is not going to work out and wish the best for the city, county and Roots as they move forward,” an unidentified spokesperson for Prologis told the Times in an email.
Oakland Pro Soccer could try to buy the property itself, or seek another partner that would continue leasing to the two soccer teams.
The Oakland City Council this week considered approving a change to the deal that allows the franchises to seek a path forward.
“The total price of $24 million would remain unchanged,” a city report states. “The city commissioned an appraisal to support this price as the fair market value of the property.”
The property includes a 100,600-square-foot former Raiders’ headquarters and a 18,400-square-foot former training facility.
The former headquarters has a locker room, media production and conference rooms, two indoor whirlpools with a steam room and a gated parking lot. The training facility has an indoor fitness area, outdoor pool and a grassy field.
The City of Oakland and Alameda County became joint-owners in 2020 when the Raiders moved to Las Vegas, and would split any proceeds from a sale.
Oakland would have used the money to offset this year’s $115 million budget deficit.
The county, according to state surplus land law, first offered the property to affordable housing developers in early 2021. The land, zoned for commercial manufacturing or light industrial, sits across the street from the Harbor Bay Business Park, a life science hub.
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The county tried to auction off the Raider’s former headquarters last summer with a minimum bid of $35.8 million, but postponed the auction without reason or notice. At least 65 potential bidders expressed interest.
A separate deal by the financially strapped Oakland to sell the 112-acre Oakland Coliseum to the African American Sports and Entertainment Group for $125 million is pending. In a report warning the city is hurdling toward insolvency, city Finance Director Erin Roseman advised against continuing to budget dollars from the East Oakland stadium sale.
— Dana Bartholomew