(EDITOR’S NOTE: According to public documents, the property sold for $52.8 million, or roughly $277 per square foot. The seller was Life Chiropractic College West, which will remain in the location for the time being.)
OAK BROOK, IL – CenterPoint Properties has invested in a 190,286-square-foot facility at 25001 Industrial Blvd. in Hayward, CA, in the heart of the East Bay market. The building covers about 33% of the 11.5-acre property, a rarity in an infill location like Hayward.
“Parking has become a desperately sought-after commodity in the Bay Area,” said JP Perez, CenterPoint’s investments manager for the West Region. “This property has parking in abundance, and premium access to the 880 industrial corridor, as well as the 92, facilitating immediate access into the San Francisco Peninsula,” Perez concluded.
The Bay Area has benefited from a surge in commerce over recent decades due to the growth of business sectors such as logistics, manufacturing, and technology. The influx of affluent consumers is driving e-commerce sales in the East Bay higher, propelling industrial demand as retailers and logistics companies compete to reach them.
“We strongly believe in the fundamentals of the Hayward area. Institutional dollars are pouring into investment and development here for good reason – the leasing market is dynamic, and the barriers to entry are very high,” said Evan Lippow, CenterPoint’s senior vice president of investments for the West Region. “CenterPoint will continue to remain geographically disciplined, focusing our efforts on the top-tier industrial markets in the country,” Lippow emphasized.
Greig Lagomarsino and Nick Ousman of Colliers brokered this off-market sale-leaseback transaction.
CenterPoint leadership has been candid about its ambitions to secure more assets in the Bay Area. The Industrial Blvd. property is the company’s sixth asset in the immediate area. In Q4 ’21, the company added to a more than 8-acre assemblage on Industrial Parkway West in Hayward. Earlier this year, CenterPoint leased the 460,830-square-foot facility it built on spec in 2020 as the first of a two-phase redevelopment project of the former Army base on the Port.
About CenterPoint Properties
CenterPoint is an industrial real estate company made of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems — the delicate, the complex, the seemingly impossible — we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve.