Firm Inks Single-Tenant Lease at 149,000 SF Asset During Escrow Period
Cushman & Wakefield has orchestrated the trade of 30526 San Antonio Street in Hayward, from Prologis to a joint partnership of Morgan Stanley Real Estate and Lift Partners. While the 149,000-square-foot asset came to market vacant, the marketing team also orchestrated its lease – to Rapid Displays – during the escrow period.
Jay Hagglund, Tom Damaschino and Grant Hyjer of Cushman & Wakefield’s Oakland, Calif., office represented the buyer and seller in the sale, as well as the new owner in the lease transaction. Greig Lagomarsino and Nick Ousman of Colliers International served as tenant brokers for the lease.
Located on six acres, 30526 San Antonio Street sits just east of Interstate 880 and is centrally positioned between the cities of San Jose and Oakland. The property offers proximity to the San Airport/Oakland Int’l Airport/Port of Oakland. Other key features include approximately 6,000 square feet of open office, ESFR sprinkler system and a secure, fenced yard.
“This offering drew significant interest from the investment community,” Hagglund noted. “The user and investment community’s demand for well-located, quality industrial product remains strong as the vacancy rate continues to tighten in our region. The buyer recognized how well positioned 30526 San Antonio Street was to attract a tenant. Stabilizing the property with the Rapid Displays lease prior to the close of the sale was a great bonus.”
Rapid Displays, an eight-decade-old retail merchandising solutions company, took occupancy of the building upon the close of the sale. The facility will serve as an expansion for the company’s western distribution operation based in neighboring Union City.