(EDITOR’S NOTE: According to public documents, the asset sold for $25,250,500, or $190 per square foot, in January of 2020.)
OAK BROOK, IL – CenterPoint Properties is proud to announce the off-market acquisition of 2376 Davis Avenue in Hayward, California. The 132,741-square-foot building, located on 5.48-acres, resides at one of the premier hard-corner locations in the Hayward industrial market, providing easy access to the San Mateo-Hayward bridge, Interstate 880 and major population hubs of San Francisco, Oakland and South Bay.
Purchased vacant, the building will undergo an expansive rehabilitation program over the next 45 days. CenterPoint has plans to install ESFR sprinklers, new LED lights and various cosmetic upgrades. The building will be offered for lease immediately with Jon Cook of Townsend Commercial.
“This is a strategic vacancy on the heels of a robust fourth quarter of net absorption,” says Greg Pearson, CenterPoint Vice President of Investments.
The facility attributes are unique for the East Bay marketplace with 28’ clear heights – well above industry standard for the area, 22 dock door positions, active Union Pacific rail spur and an attractive eastern loading yard for increased trailer/auto storage flexibility.
“The CenterPoint Bay Area portfolio is taking shape as one of the premier collection of logistics assets in the market,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments. “This ‘momentum buy’ gives us control of the bookends of Davis Ave,” explained Dunlap. CenterPoint acquired a 134,391-square-foot building down the street at 2230 Davis Court just a few years ago.
CenterPoint continues the streak as the most active buyer in the East Bay over the past 18 months. While the building represents CenterPoint’s 6th asset in the East Bay, it is the 3rd acquisition over the past 4 months. Recent investments include:
- 425 Hester Street, San Leandro ($13,125,000)
- 5901 San Leandro Street, Oakland ($25,015,000)
- 4601 Malat Street, Oakland
In the acquisition of 2376 Davis Avenue, the seller was represented by Jon Cook of Townsend Commercial.