OAKLAND, CA-Exel Inc., a transportation logistics company, has leased a 192,680-square-foot portion of a larger 400,000-square-foot warehouse, distribution and manufacturing facility situated on 18.9 acres in the Edgewater Industrial Center. The building will serve as one of Exel Inc’s regional distribution centers.
According to a prepared statement, the site at 7200 Edgewater Dr. “is located in such a central transportation hub.” Building features include 4,000 square feet of executive office space, 37 dock-high positions with cross-loading, 28-foot minimum interior ceiling clearance and a prominent high identity location visible from Interstate 880.
Greig Lagomarsino, Todd Severson, and Mark Maguire of Colliers International’s Oakland office represented the landlord, AMB Property LP. Lagomarsino also represented the tenant in the transaction.
According to Lagomarsino, “Industrial vacancy rates in Oakland have been relatively stable over the last year. The demand for well-located high cube distribution space has increased significantly. We anticipate that this trend will continue through 2011.”
As GlobeSt.com previously reported, Exel signed a 40-month lease in 2003 for 100,800 square-feet here. At the time, the triple-net asking rate for space in the building was $0.39 per square foot per month. The negotiated lease rate was not released at the time, but local brokers familiar with the deal told GlobeSt.com that it wound up in the mid $0.30s. The lease agreement includes two acres of paved and fenced yard space.
Lagomarsino tells GlobeSt.com that although he cannot comment on asking rates or further lease terms at this time, the previous 100,800 square feet Exel occupied is now available on the market. AMB purchased Edgewater for investment and redevelopment purposes in early 2000. The property is located directly across Interstate 880 from the Oakland-Alameda County Coliseum and near the port and Oakland International Airport.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
