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Prudential Sells 187,000-SF Biz Park for $14M

HAYWARD, CA-A private, San Francisco-based real estate investment and development company pays the insurance company about $75 per sf for the fully leased Hayward Bridge Business Park.

By Brian K. Miller | Updated on April 25, 2005

HAYWARD, CA-Prudential Insurance Co. has sold the Hayward Bridge Business Park here for $14 million. The new owner is SPI Holdings, a private, San Francisco-based real estate investment and development company. The property is comprised of seven buildings and is 100% leased. The brokers in the deal–Rob Shannon and Greig Lagomarsino, both SVPs with Colliers International–tell GlobeSt.com there is “some” near-term tenant rollover, but it is “favorable” in that the in-place rents of those tenant are below market. “SPI was looking to add good quality industrial product to diversify its expanding portfolio… .,” Lagomarsino says. “The appeal of the location was primarily focused on the site’s great access to Highway 92, the perfect corridor to I-880 and Highway 101.”In another Hayward deal, Skyline Furniture Inc. inked a three-year, 24,000-sf lease at the Whipple Business Park, a four-building, 440,000-sf industrial facility that is owned by Morgan Stanley Real Estate. The value of the lease is about $300,000. Skyline Furniture is a furniture distributor. It will use the building as a regional sales and distribution office. “The building is centrally located in Hayward’s industrial ‘hot-spot’,” says Lagomarsino. “The location is a ‘bulls-eye’ for distributors to service the entire Bay Area.”Lagomarsino and Casey Ricksen, also of Colliers, represented Morgan Stanley in the transaction. Brian Collins of BT Commercial represented Skyline Furniture.

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