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Vistar Corp. Inks 95,500-SF Distribution Lease

LIVERMORE, CA-The 10-year lease is for a portion of the 267,000-sf Greenville Business Center owned by Alere Property Group.

By Brian K. Miller | Updated on April 22, 2005

LIVERMORE, CA-Vistar Corp. has leased 95,523 sf of distribution space here for slightly more than 10 years. The food distributor is taking space in a 267,000-sf warehouse at 7587 Las Positas Rd. known as the Greenville Business Center. The lease term is 122 months.The owner’s broker, Mike Lloyd of Colliers Pleasanton, tells GlobeSt.com the transaction lowers vacancy in the building from more than 65% to about 30%. There is about 81,000 sf left to lease, which can be split into approximately equal parts. The asking lease rate is $0.38 per sf per month, NNN, including a $4 per sf TI allowance.Alere acquired the property from Opus West in September for $13.1 million or $49 per sf, according to local reports. At the time of sale it was 66.5% vacant. Citing client request, Lloyd declined to provide the negotiated lease rate. Other local brokers tell GlobeSt.com the value of the lease is believed to be between $5 million and $6 million. Vistar employs more than 3,300 people and operates 36 distribution centers throughout the United States. The company will vacate an older, smaller facility in Fremont in favor of the Livermore location. The building currently has one other tenant, Telco Buy, which occupies about 90,000 sf on a lease that expires in 2010.

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