The real estate arm of the Canadian insurance giant Sun Life Financial has purchased a 575K SF Amazon fulfillment center in the East Bay city of Newark, CA for $138M.
Toronto-based BentallGreenOak acquired the 29-acre property from owner New York-based Metropolitan Life Insurance, which leases the warehouse to Amazon in an all-cash deal, according to a report in the San Jose Mercury News. The transaction price translates into $240 per SF.
The fulfilment center is located 38811 Cherry Street in proximity to Interstate 880 and State Highway 84. The warehouse has a 32-foot clearance, 120 dock doors, and on-site parking for 175 trailers.
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