CBRE has pre-leased the newly constructed Prologis Park in Oakland to TireHub, a national tire distributor cofounded by The Goodyear Tire & Rubber Company (Goodyear) and Bridgestone Americas Inc. (Bridgestone). TireHub currently has facilities in Benicia and Hayward, Calif, and will lease Prologis Park from October 2022 through December 2032.
Kevin Hatcher and Michael Barry of CBRE represented the landlord, Prologis, the global leader in logistics real estate. Chris van Keulen represented the tenant, TireHub.
Located at 6345 Coliseum Way in Oakland, the property features a 58,530 sq. ft. industrial facility that sits on 2.86 acres.
“New industrial space in Oakland’s main industrial throughway is extremely rare and its location is a huge value-add for TireHub as they looked to expand in the East Bay,” said Chris van Keulen, Senior Vice President of CBRE.
Earlier this year, the Oakland industrial sector recorded one of the lowest vacancies in the nation at 2.3 percent, according to CBRE.
“With fewer new developments and limited industrial availability in the East Bay, we’re seeing more pre-leasing activity, a sign of strong demand in an already competitive market. Oakland is at the heart of the East Bay Industrial market and Prologis designed a unique, small logistics building that supports the business needs of TireHub and provides the company access to all nine Bay Area counties – all within a one-hour drive time,” said Kevin Hatcher, Senior Vice President of CBRE.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.