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SAN LEANDRO, CA-A family-owned coffee bean importer has signed a 123-month lease for a 130,738 sf of cross-docked warehouse space owned by Loma Verde Properties. The value of the lease deal is about $7.5 million, which translates to an effective rate of $0.47 per sf per month.
The building is located at 1951 Fairway Dr., which is near Interstate 880 and the Port of Oakland. With the new lease, the Annex plans to relocate some of its headquarters in from Oakland Army Base.
Greig Lagomarsino and Todd Severson of Colliers International's Oakland office represented Loma Verde Properties. "The Annex was fortunate to have leased this property, as this is one of the last large distribution facilities in the area," says Lagomarsino. "Vacancy rates are in the low single digits for space like this."
The lease takes Loma Verde's 290,000-sf complex to 100% leased. The remainder of the space, about 160,000 sf, is leased to US Air Conditioning, which signed on a couple of years back.
Given that, Loma Verde says it plans to develop on the adjacent lot. The property will hold another 60,000-sf industrial building. The company expects construction will get under way in the next 12 to 18 months.
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