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4/11/23
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Terreno Realty Corporation has purchased Morton Commerce Center, a 602.7k sf, core industrial project in the Bay Area city of Newark. Recently constructed in 2020 and situated on over 31 acres, the Class A project comprises four buildings and is 100% leased to four high quality tenants.
Morton Commerce Center consists of all Class A buildings located at 7355, 7375, 7380, and 7395 Morton Ave. The project boasts best-in-class industrial features including 30’-32’ clear heights, ESFR sprinklers, heavy power, abundant loading, and solar-ready roofs.
The property is proximate to the Port of Oakland, multiple airports as well as Interstate 880 and Highway 84, giving it exceptional logistical access throughout the Greater Bay Area, statewide, and the Western U.S.
The buyer is an acquirer, owner and operator of industrial real estate in six major coastal U.S. market. The price was not disclosed.
Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s John McManus and Victor DeBoer also provided local leasing advisory.
“With name-brand tenants and long-term mark-to-market upside, Morton Commerce Center was a tremendous investment opportunity to acquire a critical mass of core institutional quality industrial assets,” said Chiate. “This modern property is strategically located in the heart of San Francisco’s East Bay industrial market and represents a strong infill location and a true core investment asset in one of the strongest industrial markets in the nation. The asset makes a great addition to the buyer’s coastal portfolio.”
“Despite macroeconomic headwinds, we continue to see strong investor demand for well performing, well located high-quality industrial assets throughout the Western U.S.,” added Ellison.
According to Cushman & Wakefield’s Q4-2022 market report, industrial vacancy in Newark was a mere 1.1%, with nearly 250k sf of annual occupancy growth in 2022.
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