(EDITOR’S NOTE: According to public documents files with the acount, the property sold for $5.9 million in a sale that closed on February 17, 2022.)
OAK BROOK, IL – CenterPoint Properties has added a crucial piece to an assemblage of industrial real estate it has been cultivating for about three years. The company has purchased a nearly 1.5-acre site at 29469 Ruus Rd. in Hayward, CA.
CenterPoint leaders say they’re happy to have the option to lease the low-coverage, secured Ruus property as a stand-alone site or fully reposition the asset and add it to the more than 6 acres it controls next door at 1571 and 1617 Industrial Parkway West.
“Vacancy continues to tighten in the Oakland-East Bay industrial market as the dynamic pool of tenants continues to absorb space along the 880 corridor,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “We’ve worked very hard to assemble a valuable site in this coveted pocket of Hayward and look forward to executing our stabilization strategy over the next few years.”
CenterPoint’s Investment Manager JP Perez said the Ruus and Industrial Parkway properties’ low coverage and unparalleled proximity to I-880 make them valuable commodities.
“This acquisition will allow for potential synergies to enhance the functionality of our neighboring assets,” said Perez. “Institutional investors remain hyper-focused in the Hayward submarket, so we are thrilled to add to our ever-growing portfolio there and are eager to continue acquiring properties in this submarket,” he added.
CenterPoint acquired the first of the three properties at 1617 Industrial Parkway W. in September 2018 and added its counterpart at 1571 Industrial Parkway W. in November 2021.
Craig Hagglund and Ryan Martens from Lee & Associates and the CBRE team of Chris van Keulen, Bob Ferraro and Michael Barry brokered the subject transaction.
CBRE will represent CenterPoint in the leasing of 29469 Ruus Road, which is available for immediate occupancy.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up 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—that 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.