East Bay Industrial Market On Fire
As published in a recent post by the San Francisco Business Times written by Blanca Torres. The industrial market of the East Bay is in its flourishing age. There were many deals closing in the recent months which involved 1.6 million square feet of industrial spaces.
East Bay industrial market on fire
The East Bay industrial market keeps roaring back to life with more deals closing in recent weeks. Here are a few:
Denver-based Industrial Income Trust snapped up a 174,000-square-foot building on 8.9 acres of land at 40547-40577 Albrae St. in Fremont from seller Prologis Inc. Terms of the deal were not disclosed.
The buyer wants to beef up its West Coast portfolio, which also includes Pinole Point Business Park in Richmond with 475,000 square feet and Bayside Business Park in Fremont with 246,500 square feet, both of which are 100 percent leased.
Casey Ricksen and Greig Lagomarsino of Colliers International office brokered the deal.
Emerald Packaging Inc., a packaging maker, just bought a 98,726-square-foot warehouse on six acres at 33200 Lewis Ave. in Union City. The expanding company owns two other properties in Union City that total 150,000 square feet, bringing its holdings close to 250,000 square feet.
Kevin Hatcher and Mark Maguire, also of Colliers, represented the seller in the deal.
In other industrial news, Whole Foods Market debuted its new 136,000-square-foot storage and distribution center in Pinole Point Business Park at 6035 Giant Road in Richmond. The $12.7 million project was a build-to-suit lease with landlord Sares Regis Group of Northern California, which owns about 40 acres of the business park after selling a portion to Industrial Income Trust in 2010.
“Whole Foods Market is thrilled to be opening this distribution center in Richmond,” said Rob Twyman, regional president for Whole Foods.