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11/15/17
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Lift Real Estate Partners and Westbrook Partners have teamed up in the recent purchase of Williams Industrial Park, a 438.3k sf biz park in San Leandro. Although the actual price was not disclosed, from what we hear the deal had a price tag of around $53 mil ($121/sf).
Williams Industrial Park consists of two buildings at 2010 and 2020 Williams St, which are 100% leased to five tenants across a diverse set of industries. The park is anchored by the headquarters for the 21st Amendment Brewery, the Bay Area’s third largest brewery with 102,000 barrels produced annually. The buildings encompass 21.7 acres and have 31 loading docks.
The park’s location in the I-880 Industrial Corridor gives tenants access to some of the most important logistical hubs in the country. The property is just a 10-minute drive from Oakland International Airport and a 20-minute drive from the Port of Oakland. The I-880 Industrial Corridor includes 92.7 msf of industrial space, but has just 1.6% vacancy. Of the San Leandro submarket’s 16.2 msf of industrial space, only 1.25 is vacant.
Will Connors and Erik Hanson with JLL Capital Markets represented the seller, Broadreach Capital Partners.
“This was a rare chance for investors to purchase industrial real estate at scale in the incredibly land constrained Bay Area,” said Connors. “The I-880 corridor is one of the most sought after submarkets in all of Northern California, and the competitive bid process showed that assets there have potential to create excellent value.”
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