Rylock, which shut down its Union City plant last year, sold the older metal building and surrounding yard space to Redwood Packaging, a full-service crating and packaging company. The building is located at 1285 Atlantic St. in the Central Bay Industrial Park. Redwood is relocating from 6995 Central Ave. in Newark and will utilize the entire facility as its new regional headquarters.
Colliers International brokers Jim Bohar, Greig Lagomarsino and Dan Bergen represented Rylock in the transaction. Jim Morris and Terry Healy, also with Colliers, represented Redwood Packaging. Lagomarsino described the sale price as "significantly below the original asking price."
"The overall industrial market in the Interstate 80/880 corridor continues to be one of the best performing submarkets in the Bay Area," adds Lagomarsino, a senior vice president in Colliers' local office. "The overall vacancy rate has dipped to 8.8% from 9% at the end of 2002. I expect that the industrial market will continue to stabilize as both the national and local economic recovery continues."
Lagomarsino also represented Lowenberg Corp. in the Hayward sale. The San Francisco-based investor sold the concrete tilt-up at 2727 McCone Ave. to Earthquake Sound Corp. The manufacturer of high-end mobile and home audio equipment and accessories is relocating its regional office to the building from Menlo Park.
Lagomarsino was assisted in the transaction by fellow Colliers broker James Morris. Larry Jones with CB Richard Ellis represented Earthquake Sound Corp. "The market does appear to be showing signs of increased activity," says Lagomarsino. "The low interest rates continue to stimulate industrial building sales as users take advantage of the attractive financing available."
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