<p>Warehouses in California industrial areas are in the 7.5-8% range and traded at below 6% a year ago. SF is always a very high market with limited supply so it might do better as nobody will sell at current pricing levels. A very good downtown Seattle Class A office is about to sell at over an 8% cap rate. Zell’s Equity Office stuff sold at around 4.5-5% two years ago.</p>