Seller to lease back 79,629-square-foot property
SAN DIEGO (March 25, 2021) – Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, has acquired a 79,629-square-foot industrial building at 2300 Polvorosa Avenue in San Leandro, California from Blue Sky Foods for $15 million ($188 per square foot).
Blue Sky Foods will continue to occupy the building under a 9-month lease with Westcore. The property features seven grade-level doors, four well-served dock positions and a 4-ton bridge crane. Westcore plans modest upgrades to the facility in anticipation of re-leasing the property.
“A San Leandro location is pretty hard to beat,” said Peter Mette, managing director at Westcore. “It’s located one mile west of I-880, one mile south of the Oakland International Airport and is proximate to the Port of Oakland, at the heart of the I-880 industrial market.”
According to Marcus & Millichap’s Q420 Oakland Market Report, industrial rents in the area ticked up 6% last year. Jeffrey Ida and Brendan Gallagher of Marcus & Millichap represented Blue Sky Foods in this transaction, while Westcore represented itself.
Along with best-in-class institutional capital providers, Westcore acquired over $1 billion worth of industrial real estate in 2020, comprising over 11 million square feet of building space. The Blue Sky Foods warehouse is one of several industrial acquisitions for Westcore already in 2021.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.