Newark, Calif. (September 23, 2020) – Leading real estate professional services and investment management company, Colliers International recently represented the landlord and tenant in the leasing of 7447 Morton Avenue, a 105,760 square-foot Class A warehouse and distribution facility in Newark. On behalf of Geomax, the landlord, Colliers’ Executive Vice Presidents Greig Lagomarsino and Mark MaGuire and Senior Vice President Nick Ousman brokered a 63-month lease valued at $5,100,000 for the tenant, Home Delivery Services LLC. Lagomarsino and Ousman represented the tenant.
“Home Delivery Services enlisted our help to consolidate their real estate portfolio down to one property. 7447 Morton Avenue’s proximity I-880 and the Dumbarton Bridge and size were key factors that led us to make the recommendation,” said Lagomarsino.
Home Delivery Services LLC signed the lease on August 20 and began occupying the space September 1.
This deal comes on the heels of a strong report from Colliers on the Q2 Oakland industrial market. From April to June 2020, a reported 1,313,576 square-foot gross absorption took place along the I-80/I-880 Corridor. Leases totaling over 100,000 square-feet were signed in Hayward, San Leandro and Newark in this same period.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.