Todd Severson, the Colliers International broker with the leasing assignment for the building, tells GlobeSt.com the lease brings Edgewater Industrial Center to about 92% leased. Colliers SVP Greig Lagomarsino, who represented Excel in the transaction, was not immediately available for comment.
Exel, a UK-listed global supply chain management company, is consolidating and expanding from the Hayward area, Severson tells GlobeSt.com. Its neighbors in Edgewater Industrial Center will include EAGLE Logistics and Metropolitan Furniture, a wholly owned subsidiary of Steelcase Inc.
The triple-net asking rate for space in the building was $0.39 per sf per month. The negotiated lease rate was not released, but local brokers familiar with the deal tell GlobeSt.com it wound up in the mid $0.30s. The lease agreement includes two acres of paved and fenced yard space.
AMB Property Corp. purchased Edgewater for investment and redevelopment purposes in early 2000. The property is located directly across Interstate 880 from the Oakland-Alameda County Coliseum and near the port and Oakland International Airport.
Vacancy rates in the Oakland industrial market dropped from 7.2% at the end of the second quarter to 6.3% at the end of the third quarter. Severson says the warehouse-distribution market by itself has a vacancy rate of closer to 9%.
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