One of the Bay Area’s Last Remaining Large Developable Industrial Sites
Oakland, CA – November 11, 2014 – CBRE, Inc. is pleased to announce the recent sale of Momentive Specialty Chemicals’ industrial site, a 33.06-acre plot that will be redeveloped to a new state-of-the-art warehouse project. Prologis, the world’s leading developer and owner of industrial properties, purchased the property. Located in Fremont, California, this infill site was one of the few remaining large developable industrial zoned sites left in the Bay Area.
The previous plant was shut down in 2013 after 70 years of operation, and the site was then cleared. CBRE’s Doug Norton and Michael Walker were engaged to advise Momentive during the decommissioning and then for the sale of the site on Momentive’s behalf. Under the new ownership of Prologis, the site will be developed into two Class A logistics buildings totaling approximately 354,540 square feet and 269,380 square feet. The project is scheduled for completion in the fourth quarter of 2015.
“The market has been rapidly absorbing these last remaining large industrial sites. With other notable companies quickly leasing newly constructed properties in southern Alameda County such as Living Spaces, Pivot Manufacturing, Japan Foods and Amazon Fresh, ,” Norton said. “Prologis’ new project will provide the market with extremely well-designed buildings meeting the needs of industrial users requiring the utility that only the newest construction can provide.”
About CBRE Group,Inc.
CBRE Group, Inc.(NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com