Evergreen will use the warehouse space, located at 7240 Edgewater Drive, as a regional office to perform administrative tasks to support the distribution of bulk mail and related services for the United States Postal Service.
Evergreen's five-year lease rate is valued at $6.36 SF, annually, triple net. Greg Lagomarsino and Todd Severson of Colliers International negotiated the deal on behalf of both AMB and Evergreen Aviation.
"The Oakland industrial market continues to sustain itself in the current economy," says Lagomarsino. "Edgewater proves that AMB's strategy of owning real estate near major airports is successful in attracting long-term, quality tenants."
Edgewater is located directly across Interstate 880 from the Oakland-Alameda County Coliseum. AMB Property Corp. purchased the space for investment and redevelopment purposes. Since its purchase, Edgewater has attracted major tenants, such as Metropolitan Furniture Corp., who recently signed a 10-year lease for 214,200 SF.
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