realestate

Oakland Deal Collapse Leaves Developer's Motives Unclear

ProLogis drops plans to buy Raiders' old training site, disappointing Oakland officials and soccer enthusiasts.

T
he Oakland Roots and Soul soccer teams' training facility at Harbor Bay is where they practice their skills. This location was previously owned by the Oakland Raiders. Credit: Amir Aziz

    Just a few months ago, the city of Oakland was set to sell this former sports training facility to ProLogis, a large real estate firm. The deal would have brought in much-needed revenue for the city and allowed the soccer teams to continue using the facility. However, ProLogis pulled out of the sale shortly before it was supposed to close.

    The reason behind ProLogis' decision remains unclear. Oakland officials are now considering selling the property to Oakland Pro Soccer or an investor who will partner with them. This would depend on Oakland Pro Soccer raising money or finding a suitable investor partner. The total price for the property, $24 million, would remain unchanged.

    Lydia Tan, chief real estate officer for the Oakland Roots and Soul, expressed disappointment over the deal's collapse but remains optimistic about finding a new partner to complete the transaction as soon as possible. ProLogis cited that their core business wasn't aligned with owning an athletic facility and partnering with the soccer teams.

    The city was also short on answers regarding what led to the deal's failure. A spokesperson stated that ProLogis' decision was not related to the property itself, but rather their business goals. The fall through of this deal won't worsen Oakland's immediate budget deficit as anticipated revenue from the sale wasn't included in the 2024-2025 fiscal year budget.

    Oakland has struggled with selling surplus properties, including a delayed sale of its stake in the Coliseum complex and a failed attempt to purchase Alameda County's share in an adjacent property known as the Malibu lot.

Oakland deal collapse image: developer, unclear motives, key location.