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SAN LEANDRO, CA-St. George Warehouse Inc. of Oakland has signed a 10-year lease for a 157,324-sf industrial building here that is owned by San Francisco-based AMB Property Corp. The lease will commence in March and is valued at $7.5 million.
St. George Warehouse Inc. provides warehousing services to the transportation industry. The AMB building, located at 1936 Fairway Dr., includes 6,500 sf of office space and 20 dock-high doors. St. George will move its regional office to the building.
Greig Lagomarsino (SIOR, SVP) of Colliers International in Oakland represented AMB. David Kim of Studley represented St. George.
"With an overall vacancy rate of 5.5% for the Oakland Metropolitan Area's industrial market, the amount of available space on the market hasn't been this low in nearly five years, which has brought the available inventory level back to pre-recession levels," Lagomarsino says. "The leasing activity in 2006 has been extremely strong and we expect this to continue into 2007."
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