Crow Holdings Places Two-Property, 330,000 SQFT Industrial Portfolio in Livermore up for Sale

Blackstone Real Estate Income Trust, Blackstone, LBA Logistics, LBA, Seattle, Northern California

By Jon Peterson

Dallas-based Crow Holdings is planning a sale for the two-asset Bay Area Commerce Center industrial property in Livermore, according to sources that follow industrial property sales in the San Francisco Bay Area. It is not clear at this time what the pricing guidance on the portfolio will be.

Crow has hired CBRE to be the listing agent on the sale. Among the people involved in this transaction will be Darla Longo, vice chairman, and Rebecca Perlmutter, senior vice president. CBRE declined to comment when contacted for this story.

The largest of the two properties in the portfolio is the 241,591 square foot building located at 7600 Hawthorne Avenue. This property was developed in 2018, and its year-one net operating income was $2.5 million. The property is now 69 percent leased to Mattress Firm, Inc., which equates roughly to a 166,140 square foot lease. This lease runs through October 2029.

The smaller asset is the 90,508 square foot property located at 7551 Longard Road. This asset completed its construction in 2019, and the building has a current occupancy of 49 percent. The tenant in the property now is FormFactor, which has a lease covering 44,199 square feet that runs through December 2034. This tenant will make even a larger commitment to the property, since it will be investing some of its own capital into this space. This is a strategic location for the company, because the company’s headquarters is located next door to this property.

The Bay Area Commerce Center is located within the Tri-Valley market and has direct access to US Highway I-580. The industrial market in the region has a 2.4 percent vacancy rate for industrial product in the 40,000 to 100,000 square foot size range. The Livermore industrial market has a 3.7 percent vacancy rate, a 45 percent decrease from the previous quarter.

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