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8/07/17
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A 75.4k sf, industrial warehouse property in San Leandro sold for $12.5 mil ($166/sf). The property, located at 2300 Polvorosa Ave, was acquired by 4 FACEB Investment LLC, who owns ASA Trading Inc, the lead supplier of food related products for PF Chang’s and the Cheesecake Factory.
The property is a rare freestanding warehouse with a large fenced and paved yard. For the past 20 years, this facility has been the home of Intertile Stone. It has a four-ton bridge crane system running the length of the building and three dock spots. The warehouse located on 4.189 acres is conveniently located in Central East Bay within a mile from the Oakland Airport as well as close proximity to the Port of Oakland.
The CBRE Industrial team of Mike Barry and Bob Ferraro, SIOR, represented the seller, Heldig LLC, in the deal. David Yu and Jonathan Do with Maple Leaf Realty repped the buyer. According to Barry, the buyer had a strong interest in keeping their operations in San Leandro and owning its facility rather than leasing in this tough rental market, particularly with the Oakland/San Leandro submarket at a historical low vacancy rate hovering around 1 percent.
U.S. industrial hubs posted the strongest growth in prime logistics rents for the past year, as demand for top-quality warehouses and distribution centers continued to outpace supply globally, according to the second-annual Global Industrial & Logistics Prime Rents report from CBRE, which found that prime rents in 70 major markets across the globe increased by 2.2% on average in Q1 2017 compared to the same period a year ago. The past year’s steepest gains came in the Americas, specifically the U.S., where prime rents are low compared to other regions and demand is robust for distribution space amid the buildout of e-commerce-fulfillment networks. Five of the 10 markets with the biggest prime-rent gains of the past year are in the U.S. including Oakland (up 9.3%). Two U.S. markets cracked the 10 most-expensive markets: Oakland was ninth at $8.73, and Los Angeles/Orange County was 10th at $8.52.
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