FREMONT, CA-Colliers International has helped an investment group acquire a 173,946 warehouse of about square foot warehouse/distribution from Prologis.
IIT Acquisitions LLC, (dba Industrial Income Trust), acquired the Albrae Business Center for an undisclosed amount from Prologis, one of the largest providers of logistics and distribution facilities in the nation. The structure is built on about nine acres at 40547-40577 Albrae Street, Fremont.
This transaction was one of four industrial sales larger than 100,000 square feet completed year-to-date in the East Bay Area market. There was only one other large investment sale completed in 2013 which was for a 102,000 square foot warehouse in Hayward also acquired by Industrial Income Trust. The Colorado-based investment firm has been trying to grow their West Coast portfolio and currently own two other large business parks in the Bay Area: Pinole Point Business Park in Richmond totaling about 475,000 SF and Bayside Business Park in Fremont totaling about 246,500 SF, both of which are currently 100% leased.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
