A medical office building in Union City has attracted a new owner.
Burlingame-based Woodstock Development sold its medical and office building at 1320 Decoto Rd. in Union City to Vintners Distributors for $14.4 million, the company announced Wednesday.
The price per square foot totals $460, more than most office property transactions across the Bay Area, and joins very few transactions to take place in Union City this year. In Oakland, the highest price per square foot for an owner-occupier office transaction was $349 with the sale of 1515 Webster.
Woodstock developed the 31,381-square-foot property after purchasing the land in 2017 from the city. The property is a key part of the transit-oriented development vision at the Union City Intermodal Station, which includes Union City BART station, laid out by the Union City Station District Specific Plan.
The developer wrapped construction in 2018, and the property is currently 46% leased to Fresenius Medical Care, an international medical services company. Vintners Distribution plans to occupy the remaining space there to serve as its new corporate headquarters.
“Woodstock was proud to partner with the City of Union City for the re-development of this property, which was an important part of the city’s Station District vision,” said Woodstock Development President Kirk Syme. “We are always excited by new opportunities in Union City and in the broader region to continue developing high-quality projects where companies will want to grow, invest and create economic vitality.”
Woodstock — a 27-year-old company that specializes in office and life sciences developments in the Bay Area — is also planning to build a 1.2 million-square-foot office campus next to the Union City BART station, but the developer has not yet broken ground on the project.
The company is the developer of Parkside Towers, a 388,000-square-foot office complex in Foster City and the 220,000-square-foot Bridgeview Technology Park in Hayward, among other projects.
