PNK LLC, whose principals are part of Pearson Dental Supply, a family-owned supplier of dental supplies and equipment, acquired the building in Huntwood Business Park for $4.35 million. Currently located at 1550 Whipple Road, Union City, in a building owned by Tullock Construction, Pearson Dental Supply will use a portion of the building at 31164-72 Huntwood Ave. as its regional office.
"The user sale market remains very strong," says the broker in the deal, Greig Lagomarsino, a senior vice president at Colliers International in Oakland.
At EOP's Bay Center development, Las Vegas-based GES Exposition Services will use the freestanding warehouse at 3875 Bay Center Place as its headquarters and for storage, fabrication and distribution of exposition equipment and fixtures. GES, which has offices in 23 cities, is relocating its operations from 150,000-sf in a building located on Oyster Point Boulevard in South San Francisco that was acquired for redevelopment.
"The number and velocity of industrial transactions has increased significantly in the first quarter and we expect the positive momentum in the market to continue as the economy recovers," says Lagomarsino, who represented EOP and, with John Lewerenz of Cushman & Wakefield, also represented GES.
According to Colliers' first quarter statistics, Hayward's overall industrial vacancy rate decreased from 11.2% at the end of 2002 to 10% at the end of the first quarter of 2003. Gross absorption was 147,416 sf.
Each Colliers office is privately owned. Colliers International Partnership, headquartered in San Jose, has 12 offices in California, Nevada and Texas.
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