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5/16/22
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LBA Realty has purchased 300 Toland Street, a 1.76-acre site in San Francisco that includes an existing 22.7k sf industrial building. The price was not disclosed.
The property is ideally situated in the core industrial market of San Francisco’s Bayview submarket. Located between Highways 280 and 101, the property presents immediate access to major Bay Area cities, airports and high consumer demand areas.
Seth McKinnon, Mark Geisreiter, Nadav Kariv and Steven Golubchik with Newmark were involved in brokering this transaction. The seller was a private family investor.
“Investor demand for 300 Toland was extraordinarily robust and resulted in a market setting price for value-add industrial within San Francisco,” said McKinnon. “This sale reflects a significant change in demand from traditional users to a new breed of industrial-focused tech users and the growing need for last-mile distribution.”
The Bayview submarket is robust and is experiencing surging tenant demand in recent months. Historically occupied by traditional industrial users, the Bayview is now attracting technology companies requiring R&D, storage, distribution or manufacturing space close to their existing headquarters in the Bay Area. Strong demand from both traditional users and technology companies has reduced the vacancy rate to 4.4%, and rents have increased by 6.4% over the last 12 months, according to Newmark Research.
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