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7/23/09
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Two warehouse properties totaling 66.6k sf in the city of Hayward traded hands in a recent $5.5 mil ($83/sf) transaction, said to be the largest owner/user sale in Hayward so far this year. The properties are located at 27317 and 27279 Industrial Blvd, south of the 92 Fwy and west of Hesperian Blvd.
The seller, LRF Properties LLC, was represented by BT Commercial. Jesse Lucas of Lee & Associates negotiated the deal for the unnamed buyer. According to Lucas, this type of transaction is rare in the 880 corridor, which comprises the market from Oakland southbound to Union City – signaling changing conditions in the buyer market.
“This was one of the first deals where the seller was willing to adjust his pricing to current market conditions,” said Lucas. “One of the buildings was being offered for lease and we were able to convince the owner to sell both properties through an unsolicited offer. Until now, sellers have been reluctant to accept that values are not what they were 12-18 months ago. Lending has been tight and buyers are waiting for prices to come down.”
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