OAKLAND, CA-In a set of transactions that highlights the appeal of fully leased industrial buldings to investors, San Diego-based LBA Realty has closed on four industrial sales totaling more than one million square feet. The sales occurred in Hayward, Lathrop, Tracy and San Jose, all in northern California.

The sales took place in two distinct markets of Northern California: the highly urbanized 880 Corridor, which includes Oakland and San Jose, and the more suburban/exurban San Joaquin Valley, the location of Tracy and Lathrop.

Mihael Goldstein of Colliers Internatinal, who worked on two of the sales, says the relationship of the San Joaquin Valley to the Bay Area is similar to the relationship of the Inland Empire to Los Angeles and Orange counties.

“The Valley has logistics-based users, rail connections, and a transportation network,” he says.  “Here you can find big box buildings that you can’t find on the 880 corridor,” he adds. “The land economics don’t permit it.”

The largest of the deals was the 517,458-square foot warehouse with 38 acres of land in the Stonebridge Industrial Park in Tracy, CA. The seller was OSH Properties LLC, which currently occupies the property on a long-term lease.

By itself, the Stonebridge sale was one of all  warehouse/distribution sales in the Bay Area  this year, according to Colliers International. Goldstein and Gregory O’Leary of Collier's Stockton office, plus Greig Lagomarsino of the firm’s Oakland office all represented the buyer.

The next largest sale was in Lathrop, where LBA bought  401/501 Nestle Way, a 271,040-square-foot class A warehouse/manufacturing facility in the Crossroads Commerce Center. The building is currently leased to AMCOR PET Packaging. Goldstein and Gregory O’Leary of Colliers’ Stockton office handled the transaction.

Another LBA purchase was 214,172-square-foot 2425 Whipple Rd. in Hayward, CA. he property sits on nearly 12 acres of land with another four acres of adjacent land that could be developed. Morgan Technical Ceramics currently leases the property on a long-term basis. Lagomarsino and Mark Maguire of Colliers International’s Oakland office represented the buyer while Greg Cioth and Edmund Najera of Eastdil Secured represented the seller.

The smallest of the sales was 905 McLaughlin Ave. in San Jose 79,911 square feet of warehouse/distribution space situated on 3.75 acres of land. The building is currently leased to two tenants, Galleher Corp., a maker and distributor of floor coverings, and Iron Mountain, an information management services provider.

Lagomarsino represented the buyer while Chip Sutherland of CB Richard Ellis repped the seller, Lowenberg Corp. of San Francisco.