The lease commences at the start of the new year. The building, which sits adjacent to a BART station, has 8,500 sf of office space, 30-ft clear height, fire sprinklers and dock-high and drive-in loading. The parties involved are not releasing the lease rate publicly, but local brokers familiar with the transaction tell GlobeSt.com the deal's triple-net value is around $1.2 million.
The lease is one of the largest industrial deals in the city this year. Craig Hagglund of Lee & Associates East Bay Inc. represented American Packaging Corp. in lease negotiations. Dan Bergen of Colliers International in Pleasanton, CA, represented JP Morgan.
Hagglund tells GlobeSt.com that American Packaging is moving into essentially the same amount of space in the Hayward Industrial Park, which is about five miles from San Leandro. "Over the past six months we looked at renewing and moving to other buildings in both markets," says Hagglund. "It's a lateral move in size, but the economics (at San Leandro Industrial Park) were a little better than renewing."
Bergen, the leasing agent for San Leandro Industrial Park, was not immediately available for comment on what the lease does for overall occupancy at the park, which includes several buildings. According to a listing on Colliers' website, one other large space remains: 101,000 sf in a 134,000-sf building for which the asking rate is 19 cents per sf per month for the first year and 35 center per sf per month in the second year. The space includes about 92,000 sf of warehouse and about 9,000 sf of office space.
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