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5/11/23
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Prologis acquired a 21.4k sf, cross-dock warehouse on 5.31 acres in Hayward from an undisclosed seller to Prologis. Located at 651 Sandoval Way, the property has a remodeled office building, truck service maintenance building, significant employee parking and container parking stalls.
The cross-dock warehouse has 50 dock positions and concrete truck wells. RPM Transportation is the sole tenant of the property.
CBRE’s Chris van Keulen, Bob Ferraro and Michael Barry represented both the buyer and the seller.
“Low-coverage opportunities of this size, quality and overall functionality rarely become available.” said van Keulen. “In addition to being a unicorn property in the East Bay, the seller meticulously took care of it over the course of their ownership which resulted in a competitive process with attractive pricing amid the current economic environment.”
The Oakland industrial market remained tight in the first quarter of 2022. Vacancy was 2.1% in Q1 2023, down from 2.6% at the end of 2022, according to CBRE Research. Hayward is the largest industrial submarket and had 1.5% vacancy in Q1 2023, down from 2.1% in Q4 2022.
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