Constructing 4, the most important at Morton Commerce Heart in Newark, Calif., is occupied by tech big Meta. Picture courtesy of CommercialEdge
Terreno Realty Corp. has acquired the Morton Commerce Heart in Newark, Calif., for $186 million.
Torrance, Calif.-based Overton Moore Properties was the earlier proprietor of the commercial facility, with Cushman & Wakefield serving as leasing supervisor and dealer, in line with CommercialEdge information.
The complicated contains 4 industrial distribution buildings totaling roughly 603,000 sq. toes. Located on 30.5 acres at 7355-7395 Morton Ave., the challenge sits adjoining to Interstate 880, California State Route 84 and the Dumbarton Bridge, the southernmost freeway bridge crossing San Francisco Bay.
4 tenants—Fb mum or dad Meta, Lucid Motors, Pegasus Logistics Group and RK Logistics Group—maintain leases on the property expiring between 2026 and 2032, in line with CommercialEdge and an announcement from Terreno. Lucid Motors, which occupies Constructing 1, is advertising a sublease for the whole lot of its 161,680-square-foot house. Buildings 2 and three, that are leased by Pegasus Logistics and RK Logistics, whole 217,437 sq. toes, whereas Meta-occupied Constructing 4 is the most important, totaling 225,679 sq. toes. The asset’s estimated stabilized cap charge is 4.6 %.
The positioning options 86 dock-high and eight grade-level loading positions, in addition to parking areas for 730 autos. All 4 buildings had been accomplished in 2020.
Along with the San Francisco Bay Space, Bellevue, Wash.-based Terreno acquires, owns and operates industrial actual property property in 5 U.S. coastal markets: Los Angeles, Seattle, Miami, Washington, D.C., and the New York Metropolis metropolitan area, together with northern New Jersey.
The acquisition value accounts for marking assumed debt to market, in addition to the customer’s due diligence and shutting prices, estimated near-term capital expenditures and leasing prices crucial to realize stabilization, in line with Terreno’s assertion.
