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23,000-SF Lease Fills Up Business Park

SAN LEANDRO, CA-The five-year lease expands the area operations of American Packaging from 78,000 sf to 100,000 sf and takes the 267,000-sf San Leandro Business Park to 100% occupancy.

By Brian K. Miller | Updated on September 27, 2004

SAN LEANDRO, CA-American Packaging relocated here from Hayward earlier this year and already needs more space. On the heels of leasing a 77,955-sf warehouse at 1515 Alvarado St., the longtime manufacturer of packaging materials has signed a five-year lease for 23,187 sf of a 132,000-sf warehouse at San Leandro Business Park. The five building, 267,000-sf business park is owned by San Leandro Industrial Properties. The lease with American Packaging takes the park to 100% occupancy. The lease rate for the transaction is believed to be around $3.25 per sf per year, which translates to about $0.27 per sf per month.Dan Bergen, a broker with Colliers International’s Pleasanton office, had the leasing assignment. Craig Hagglund with Lee & Associates represented American Packaging. “Vacancy for warehouse product in the San Leandro market is currently at 5.3%.” says Bergen. “We expect rates to rise in the upcoming year.” American Packaging has been in business for about 30 years and serves primarily the northern California area. The company’s primary focus is providing the electronics, food processing, and industrial manufacturing industries with a variety of standard and custom packaging materials.

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