CenterPoint Grows Bay Area Industrial Footprint
- Jan 17, 2020
CenterPoint Properties has expanded its portfolio with the acquisition of a 132,741-square-foot industrial facility in Hayward, Calif. CalCargo sold the asset in an off-market transaction after seven years of ownership, according to Yardi Matrix.
Constructed in 1973 on a 5.5-acre site at 2376 Davis Ave., the facility is currently vacant and will undergo an extensive renovation program. Upgrades will include ESFR sprinklers, new LED lights and other cosmetic updates. Building characteristics include 28-foot clear heights, 22 dock door positions and HVAC system.
The Class B property is within the Hayward industrial submarket, near major thoroughfares including Interstate 880 and Freeway 92, which enable access to San Mateo and the wider Bay Area. Additionally, San Francisco International Airport is approximately 20 miles from the property.
Jon Cook of Townsend Commercial represented the seller in the deal. Cook will handle leasing efforts at 2376 Davis Ave. once improvements are complete. The asset marks CenterPoint’s third acquisition in the East Bay in the past months and the company’s sixth property in the area. Earlier this week, CenterPoint acquired a 925,411-square-foot warehouse in Brooklyn, N.Y.,—the three-building Flatlands portfolio sold for $134 million.