Newark, Calif. (September 10, 2020) – Leading commercial real estate professional services and investment management company, Colliers International recently brokered the sale of a 40,136 square-foot industrial building in Newark, California located at 8484 Central Ave. Colliers’ Senior Vice President Todd Severson, SIOR represented the seller, QQE Properties LLC. The building was sold to Atum Biotechnology, provider of tools and solutions to life science researchers including gene design, optimization and synthesis, expression vectors, and platforms for protein and cellular engineering and production, for $8,830,000 ($220 per square foot). Colliers and Brian Mason of Avison Young and Jeff Powers of Cushman & Wakefield, representing the buyer, closed escrow on the property on August 17, 2020.
“Not only has the industrial market shown incredible resiliency throughout the pandemic, owner occupied buildings are in strong demand” said Severson. “It was a pleasure working with QQE Properties to position the property with Atum as an opportunity expand operations their operations from nearby headquarters.”
8484 Central Ave. is a freestanding industrial building located in a business park near the Dumbarton Bridge. Tenant improvements to convert the property into a lab and office space are underway.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.