Prologis Buys San Leandro Redevelopment Site for $36.1MM

HFF, San Leandro, Parking Acquisition Ventures, Oz Real Estate, Prologis, Oakland International Airport, San Francisco, East Bay,

SAN FRANCISCO, CA (October 15, 2018) – HFF announces the $36.1 million sale of a 13.71-acre redevelopment site for a future logistics project at 880 Doolittle in the East Bay community of San Leandro, California.

The HFF team marketed the property on behalf of the seller, a joint venture between Parking Acquisition Ventures, LLC and an affiliate of Oz Real Estate. Prologis, Inc., the global leader in logistics real estate, purchased the asset.

Prologis (NYSE: PLD) has long-term plans to develop the site, now being used for off-airport parking at Oakland International Airport (OAB), into a state-of-the-art distribution center with a focus on e-commerce. The HFF team structured a sale-leaseback, which means the parking lot operator will maintain the ability to service OAB’s parking needs for years to come.

880 Doolittle is positioned inside San Leandro’s Industrial General district, just off Interstate 880 and 1.4 miles from OAB. The San Francisco East Bay logistics market remains one of the strongest in the country. With vacancies hovering around one percent and a scarcity of land available for development, the site represented a unique opportunity for Prologis’ future development plans.

The HFF investment advisory team representing the seller included senior managing director Scott Pertel, managing director Andrew Briner and analyst Alec Haley.

“We are thrilled for both parties involved in the 880 Doolittle sale,” Pertel said. “The parking lot operator has secured their position for years to come, while Prologis has secured a rare land site of scale in the red-hot East Bay market. With land hard to come by along the I-880 corridor, we are grateful that we were able to deliver this unique opportunity.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Oz Real Estate
Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. The principals of Oz Real Estate have invested in over $9.0 billion of private real estate assets, including direct equity investments, preferred equity structures, first lien loans, mezzanine loans, b-notes, ground leases and other credit investments. Oz Real Estate’s portfolio has included over 20,000 hotel rooms, over 30,000 multifamily and residential units, and over 20 million square feet of retail and office properties. In addition, Oz Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, ski resorts, and land development. Oz Real Estate is currently making opportunistic investments from Och-Ziff Real Estate Fund III, credit investments from Och-Ziff Real Estate Credit Fund, and special situations investments from other capital sources within Oz Management. For more information on Oz Real Estate, please see www.ozm.com.

About Prologis, Inc.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2018, and inclusive of the DCT acquisition on August 22, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 756 million square feet (75 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,500 customers across two major categories: business-to-business and retail/online fulfillment.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.