(EDITOR’S NOTE: According to public documents, the property was acquired for $10.75 million.)
OAK BROOK, ILLINOIS – CenterPoint Properties acquires its sixth property in the prime East Bay industrial market in the last 18 months. The 7.94-acre site, located at 950 Whipple Road, Union City, CA, is less than two miles from I-880 and is proximate to the San Mateo Bridge for easy access to the entire San Francisco Bay area.
Through the course of due diligence, CenterPoint simultaneously executed a 10-year lease with a confidential user and secured a Conditional Use Permit on behalf of the tenant. The Oakland-East Bay industrial market is a major e-commerce distribution hub for the Bay Area. All-time low vacancy rates, limited inventory and continued e-commerce growth are driving strong demand for prime last-mile distribution properties in the area.
“The marriage of quality cash flow and the new entitlement has birthed an accretive, long-term asset for our East Bay portfolio,” said Greg Pearson, Vice President of Investments at CenterPoint. CenterPoint has been the most active East Bay logistics investor over the past 24 months.
The site features an oversized rear yard that can easily accommodate above-market auto parking, as well as a 63,000 SF building with 20 drive-in doors, 11’- 25’ clear-heights and 2 dock-high doors. The site’s low building coverage coupled with enhanced screening and landscaping make it an attractive last-mile location in CenterPoint’s growing West Coast portfolio.
“We are pleased to expand our track record of public-private partnerships while growing our roster of infill users,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint.
Jon Cook and Kolby Mitnick of Townsend Commercial Real Estate brokered this off-market transaction between CenterPoint and the seller, Carter Industries, Inc. The Conditional Use Permit was pursued and obtained in conjunction with Matt Visick of Reuben, Junius & Rose, LLP.
This is CenterPoint’s sixth acquisition in the East Bay over the last 18 months. CenterPoint recently closed on 2376 Davis Avenue in Hayward, which is currently being marketed with Jon Cook at Townsend Commercial. Before that, CenterPoint acquired a port-centric building located in Oakland’s heavy-haul corridor, 5901 San Leandro Street. Mark Maguire, Nick Mascheroni and Justin Smutko of Colliers International are marketing that high throughput building for lease.