JLL Acquires 41KSF Warehouse in San Francisco Bay Area
- Dec 30, 2016
San Francisco—JLL recently announced the acquisition of a Class A, state-of-the-art warehouse at Pinole Point Distribution Center. The 41,000-square-foot property is the third fully leased warehouse which brings the combined distribution center square footage to 518,000, all of which are 100 percent leased with a weighted average lease term of approximately seven years.
Pinole Point Distribution Center offers three modern warehouses with features such as generous loading and truck parking strategically located with convenient access to irreplaceable transportation infrastructure including major interstate highways, the Port of Oakland International Airport and the entire San Francisco Bay Area.
The San Francisco Bay Area region is supported by a sophisticated trade infrastructure with three international airports and the nation’s fifth busiest container port. LaSalle’s Research and Strategy Team has identified the San Francisco Bay Area as a target warehouse market with significant supply constraints and strong rent growth potential. This region is the second most densely populated major American city with a population exceeding seven million and representing more than 20 percent of California’s residents.
“We are pleased to complete the acquisition of this three-property portfolio. High quality, state-of-the-art warehouses in select, primary transportation hubs are highly sought after, particularly in this market where modern buildings are in extremely short supply and overall warehouse vacancy rates are at 2 percent,” President & CEO of JLL Income Property Trust, Allan Swaringen, said in prepared remarks. “This is our 10th industrial acquisition this year and the 28th property investment we’ve made in the industrial sector representing an industrial sector investment of over $525 million.”
Image courtesy of JLL