Oakland – December 8, 2022 – CBRE arranged the lease for 8380 Pardee Drive in Oakland, CA, a 155,000 sq. ft industrial warehouse, to Lansum International.
Bob Ferraro and Michael Barry of CBRE’s Industrial and Logistics team in Oakland, along with Kurt Mrazik from CBRE’s Pittsburgh office, represented the sub-landlord. Colliers represented the sub-tenant.
“We’ve been experiencing record high activity in the Oakland/East Bay industrial market the last two years. Macroeconomic conditions have slowed activity slightly, but we are still experiencing activity above pre-pandemic levels. Class A space of this size is hard to find in the East Bay and with 1.5 million sq. ft. of new product expected to deliver next year, several tenants have pre-leased space as availability remains below 5%,” said Bob Ferraro, Executive Vice President of CBRE.
Built in 2012, 8380 Pardee Drive is a Class A warehouse with 30 ft. clear heights, 18 docks, heavy trailer storage yard and 20,000 sq. ft. of office space. The property is within a 15-minute drive to the Oakland International Airport and Port of Oakland.
The Oakland/East Bay industrial market recorded 2.8% vacancy in the third quarter this year, according to CBRE. Rents for warehouse and manufacturing remained steady at $1.34 per sq. ft. while four submarkets – Berkeley, Emeryville, Alameda and Union City – had vacancies less than 1%.
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.