OAKLAND, CA-Exel Inc., a transportation logistics company, has leased a 192,680-square-foot portion of a larger 400,000-square-foot warehouse, distribution and manufacturing facility situated on 18.9 acres in the Edgewater Industrial Center. The building will serve as one of Exel Inc’s regional distribution centers.
According to a prepared statement, the site at 7200 Edgewater Dr. “is located in such a central transportation hub.” Building features include 4,000 square feet of executive office space, 37 dock-high positions with cross-loading, 28-foot minimum interior ceiling clearance and a prominent high identity location visible from Interstate 880.
Greig Lagomarsino, Todd Severson, and Mark Maguire of Colliers International’s Oakland office represented the landlord, AMB Property LP. Lagomarsino also represented the tenant in the transaction.
According to Lagomarsino, “Industrial vacancy rates in Oakland have been relatively stable over the last year. The demand for well-located high cube distribution space has increased significantly. We anticipate that this trend will continue through 2011.”
As GlobeSt.com previously reported, Exel signed a 40-month lease in 2003 for 100,800 square-feet here. At the time, the triple-net asking rate for space in the building was $0.39 per square foot per month. The negotiated lease rate was not released at the time, but local brokers familiar with the deal told GlobeSt.com that it wound up in the mid $0.30s. The lease agreement includes two acres of paved and fenced yard space.
Lagomarsino tells GlobeSt.com that although he cannot comment on asking rates or further lease terms at this time, the previous 100,800 square feet Exel occupied is now available on the market. AMB purchased Edgewater for investment and redevelopment purposes in early 2000. The property is located directly across Interstate 880 from the Oakland-Alameda County Coliseum and near the port and Oakland International Airport.
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