Done Deals: HFF announces $36 million sale of redevelopment site for new logistics project in San Francisco’s East Bay

Saturday, October 20, 2018

HFF announces $36 million sale of redevelopment site for new logistics project in San Francisco’s East Bay

SAN FRANCISCO, CA –– HFF announces the $36.1 million sale of a 13.71-acre redevelopment site for a future logistics project at 880 Doolittle in the East Bay community of San Leandro, California.

The HFF team marketed the property on behalf of the seller, a joint venture between Parking Acquisition Ventures, LLC and an affiliate of Oz Real Estate.

Prologis, Inc., the global leader in logistics real estate, purchased the asset.

Scott Pertel

Prologis (NYSE: PLD) has long-term plans to develop the site, now being used for off-airport parking at Oakland International Airport (OAB), into a state-of-the-art distribution center with a focus on e-commerce.

The HFF team structured a sale-leaseback, which means the parking lot operator will maintain the ability to service OAB’s parking needs for years to come.

880 Doolittle is positioned inside San Leandro’s Industrial General district, just off Interstate 880 and 1.4 miles from OAB. The San Francisco East Bay logistics market remains one of the strongest in the country.

With vacancies hovering around one percent and a scarcity of land available for development, the site represented a unique opportunity for Prologis’ future development plans.

Andrew Briner

The HFF investment advisory team representing the seller included senior managing director Scott Pertel, managing director Andrew Briner and analyst Alec Haley.

“We are thrilled for both parties involved in the 880 Doolittle sale,” Pertel said.

“The parking lot operator has secured their position for years to come, while Prologis has secured a rare land site of scale in the red-hot East Bay market.

"With land hard to come by along the I-880 corridor, we are grateful that we were able to deliver this unique opportunity.”

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Alec Haley

Oz Real Estate, the real estate platform at Oz Management, was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe.

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.

Prologis leases modern distribution facilities to a diverse base of approximately 5,500 customers across two major categories: business-to-business and retail/online fulfillment.

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