(To read more on the industrial market, click here.)
OAKLAND, CA- ProLogis has acquired a fully leased 101,000-sf warehouse here for $8.33 million. The Denver-based industrial REIT acquired the asset from Tension Envelope, which leased back 80% of the building for seven years.
Located at 610-640 85th Ave., the facility was constructed in 1998 by Catellus Development and sold to Tension Envelope the following year. WorldPac leases the remainder of the building, or about 21,300 sf.
Craig Hagglund of Lee & Associates East Bay Inc. represented both ProLogis and Tension Envelope. Hagglund says the building is part of a larger business park. Other tenants in the park include Fed Ex and the US Postal Service.
Further east in Pittsburg, Public Storage of Glendale paid $12 million for Loveridge Self Storage, a newer 120,455-sf retail location. The seller was Silicon Valley Diversified.
Completed in 2003, the facility sits on 4.4 acres at 1275 California Ave. and has 1,013 storage units. It is located within Loveridge Center, a mixed-use development with tenants including Starbucks, Jack in the Box, Chevron and other national retailers.
Marcus & Millichap brokers Charles LeClaire and Bobby Loeffler represented the seller and also secured the buyer.
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