Commercial real estate services firm Cushman & Wakefield has orchestrated the trade of 30526 San Antonio Street in Hayward, from Prologis to a joint partnership of Morgan Stanley Real Estate and Lift Partners. While the 149,000-square-foot asset came to market vacant, the marketing team also orchestrated its lease - to Rapid Displays - during the escrow period.
Jay Hagglund, Tom Damaschino and Grant Hyjer of Cushman & Wakefield's Oakland, Calif., office represented the buyer and seller in the sale, as well as the new owner in the lease transaction. Greig Lagomarsino and Nick Ousman of Colliers International served as tenant brokers for the lease.
Located on six acres, 30526 San Antonio Street sits just east of Interstate 880 and is centrally positioned between the cities of San Jose and Oakland. The property offers proximity to the San Airport/Oakland Int'l Airport/Port of Oakland. Other key features include approximately 6,000 square feet of open office, ESFR sprinkler system and a secure, fenced yard.
"This offering drew significant interest from the investment community," Hagglund noted. "The user and investment community's demand for well-located, quality industrial product remains strong as the vacancy rate continues to tighten in our region. The buyer recognized how well positioned 30526 San Antonio Street was to attract a tenant. Stabilizing the property with the Rapid Displays lease prior to the close of the sale was a great bonus."
Rapid Displays, an eight-decade-old retail merchandising solutions company, took occupancy of the building upon the close of the sale. The facility will serve as an expansion for the company's western distribution operation based in neighboring Union City.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014 globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 337 million square feet with an aggregate value in excess of $16.8 billion.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About the Buyer
Lift Partners is a full-service real estate investment company focused on the adaptive re-use and repositioning of commercial properties. Lift concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast. Headquartered in the Bay Area, Lift has a passion for taking underutilized properties and making great spaces. For more information on Lift Partners visit www.liftrp.com
Morgan Stanley (NYSE: MS) is a financial holding company. Through its subsidiaries and affiliates, the Company provides a variety of products and financials services to a group of clients and customers, including corporations, governments, financial institutions and individuals. The Company's operating segments include Institutional Securities, Wealth Management and Investment Management.