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12/09/22
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Lansum International has subleased a 155k sf industrial warehouse facility in Oakland. The property, located at 8380 Pardee Dr, between Doolittle Dr and I-880, is owned by Westcore, who purchased the building in 2020 for $40.5 mil.
Built in 2012, 8380 Pardee Drive is a Class A warehouse with 30-ft clear heights, 18 docks, heavy trailer storage yard and 20k sf of office space. The property is within a 15-minute drive to the Oakland International Airport and Port of Oakland.
Bob Ferraro, Michael Barry and Kurt Mrazik with CBRE represented the sub-landlord in the deal. Colliers repped the sub-tenant.
“We’ve been experiencing record high activity in the Oakland/East Bay industrial market the last two years. Macroeconomic conditions have slowed activity slightly, but we are still experiencing activity above pre-pandemic levels. Class A space of this size is hard to find in the East Bay and with 1.5 msf of new product expected to deliver next year, several tenants have pre-leased space as availability remains below 5%,” said Ferraro.
The Oakland/East Bay industrial market recorded 2.8% vacancy in the third quarter this year, according to CBRE. Rents for warehouse and manufacturing remained steady at $1.34 per sq. ft. while four submarkets – Berkeley, Emeryville, Alameda and Union City – had vacancies less than 1%.
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