|LBA Realty Acquires Over 1 Million Square Feet in Leased Investment Sales|
|Thursday, 22 December 2011 13:03|
Colliers International is pleased to announce the completion of four industrial and warehouse/distribution sales totaling ±1,082,581 square feet at 2650 N. MacArthur Drive, Tracy, 905 McLaughlin Avenue, San Jose, 2425 Whipple Road, Hayward, and 401/501 Nestle Way, Lathrop California.
LBA Realty, LLC recently closed on a ±517,458 square foot warehouse facility situated on ±38.06 acres of land in the Stonebridge Industrial Park in Tracy. LBA acquired the facility from OSH Properties, LLC, who currently occupies the space on a long term lease. 2650 N. MacArthur Drive is one of the largest warehouse/distribution buildings sold in the greater San Francisco Bay Area this year. Michael Goldstein, SIOR and Gregory O'Leary, SIOR of Colliers International's Stockton office along with Greig Lagomarsino, SIOR of Colliers' Oakland office represented LBA Realty, LLC in this transaction. The terms of the deal remain undisclosed.
In the second transaction, LBA Realty, LLC acquired ±79,911 square feet of warehouse/distribution space situated on ±3.75 acres of land at 905 McLaughlin Avenue, San Jose. The building is currently leased to two tenants, Galleher Corporation, a floor covering manufacturer and distributor based out of Southern California, and Iron Mountain, a global leader in information management services. The property was sold for San Leandro Venture Associates, dba Lowenberg Corporation, a San Francisco based investor. Greig Lagomarsino handled the sale of 905 McLaughlin Avenue along with Chip Sutherland of CB Richard Ellis.
LBA Realty also recently purchased a ±214,172 square foot manufacturing/warehouse building situated on ±11.9 acres of land along with ±4.2 acres of adjacent developable land located at 2425 Whipple Road, Hayward. The Whipple Industrial Center was also a leased investment sale. Morgan Technical Ceramics currently occupies the facility on a long term lease. "Demand is very strong for high-quality, well located industrial property," says Lagomarsino who handled the sale along with Mark Maguire of Colliers International's Oakland office and Greg Cioth and Edmund Najera of Eastdil Secured.
Lastly, LBA Realty, LLC acquired 401/501 Nestle Way, a ±271,040 square foot Class A warehouse/manufacturing facility in the Crossroads Commerce Center in Lathrop, CA. The building is currently leased to AMCOR PET Packaging. The property is rail served with heavy power and is available for sublease. Michael Goldstein, SIOR and Gregory O'Leary, SIOR of Colliers' Stockton office handled the transaction. "Both the Tracy and Lathrop properties are core assets that are well-located in San Joaquin County's industrial market," says O'Leary.