CenterPoint Buys Strategic Low-Coverage Site in Hayward, CA
Posted By Staff Writers On November 30, 2021 @ 12:08 pm
OAK BROOK, IL – CenterPoint Properties has expanded its foothold in Northern California, buying prime property along the I-880 Corridor at 1571 Industrial Parkway W. in Hayward. The 4.1-acre site includes three low-coverage buildings totaling approximately 45,000 square feet.
“Low coverage real estate has inherent value in a dynamic market like the Bay Area,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “CenterPoint will continue to leverage our existing portfolio to deepen market penetration within this high-barrier-to-entry market,” Lippow added.
Oakland is drawing high interest among institutional industrial investors due to e-commerce demand, increasing port volumes and thriving business community. In addition to offering companies efficient access to the region’s consumer base and freeways, the Industrial Parkway site is just 18 miles from the Port of Oakland.
The newly acquired property is adjacent to 1617 Industrial Parkway W., a 17,676-square-foot warehouse on 2.09 acres that the company acquired in 2018. The two sites total more than 6 acres in the highly coveted Hayward submarket.
“This acquisition creates operational efficiency for the CenterPoint portfolio,” said JP Perez, CenterPoint’s Investment Manager. “We’re eager to continue expanding our presence in the Bay Area, specifically in pockets like Hayward where we anticipate the deep pool of user demand to continue to increase,” Perez shared.
Chris van Keulen, Bob Ferraro and Mike Barry of CBRE brokered the off-market transaction.
CenterPoint also owns a nearby 132,759-square-foot warehouse at 2376 Davis Avenue in Hayward, CA.
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About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.