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4/20/16
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In a recent East Bay industrial investment, a partnership of Morgan Stanley Real Estate and Lift Partners has purchased a 149k sf property in Hayward. The property, located at 30526 San Antonio St, south of Industrial Pkwy between the I-880 and Mission Blvd, was sold by Prologis. The price was not disclosed.
Although the property came to market vacant, a tenant - Rapid Displays – agreed to a lease – during the escrow period. Rapid Displays, an eight-decade-old retail merchandising solutions company, took occupancy of the building upon the close of the sale. The facility will serve as an expansion for the company’s western distribution operation based in neighboring Union City.
Located on six acres, 30526 San Antonio Street is centrally positioned between the cities of San Jose and Oakland. The property offers proximity to the San Airport/Oakland Int’l Airport/Port of Oakland. Other key features include approximately 6k sf of open office, ESFR sprinkler system and a secure, fenced yard.
Jay Hagglund, Tom Damaschino and Grant Hyjer of Cushman & Wakefield represented the buyer and seller in the sale, as well as repping the new owner in the lease transaction. Greig Lagomarsino and Nick Ousman of Colliers International served as tenant brokers for the lease.
“This offering drew significant interest from the investment community,” Hagglund noted. “The user and investment community’s demand for well-located, quality industrial product remains strong as the vacancy rate continues to tighten in our region. The buyer recognized how well positioned 30526 San Antonio Street was to attract a tenant. Stabilizing the property with the Rapid Displays lease prior to the close of the sale was a great bonus.”
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