By Kate Snyder
A 575,000 square foot Amazon fulfillment center in Newark, Calif. has traded hands for $138 million, or approximately $240 per square foot, according to The Mercury News, which first reported on the sale. The buyer was an entity affiliated with BentallGreenOak, and the seller was Metropolitan Life Insurance Co. The sale was a cash deal that recorded on Dec. 23.
Located at 38811 Cherry St., the property sits on about 29 acres along the southern edge of San Francisco Bay and is near business offices for companies like Prologis, Vector Laboratories, Inc., ASUS and United Logistic Solutions, Inc. It also is close to Interstate 880 and State Route 84, which offer connectivity to the East Bay and Silicon Valley and the Peninsula, respectively.
MetLife initially acquired the Cherry Street property back in 2014 for approximately $87.3 million, or $152 per square foot, according to The Registry’s previous reporting. It was the firm’s first industrial asset in the Bay Area. At the time, the site was a brand new industrial property that was already fully leased to Amazon. The property is a Class A cross-dock LEED-silver distribution property.
BentallGreenOak is a real estate investment firm with offices in Toronto, Canada, and New York. According to its website, the company has $80 billion in assets under management, more than 750 clients and partners and 28 offices around the world. The firm spans 14 countries and 28 cities in real estate markets and centers of commerce.
“The global breadth of our embedded, local presence underscores our commitment to prioritizing the needs of our investors and stakeholders with an array of real estate investment strategies and integrated services that deliver value,” the firm’s website states.
Last year, BentallGreenOak was involved in the acquisition of a flex asset in San Carlos for $190 million, according to The Registry’s previous reporting. That property is located at 120-150 Industrial Rd. and was purchased in partnership with Graymark.