SVP Greig Lagomarsino of Colliers reports that the site had been on the market for less than a year and was one of the largest recorded warehouse vacancies in the Bay Area during 2009. Lagomarsino and Colliers SVP Todd Severson represented the seller, while the buyer was represented by Colliers SVP Casey Ricksen.
Lagomarsino says that the transaction "has very positive ramifications for the health of the warehouse/manufacturing sector." He says that it indicates that "Demand for quality warehouse, distribution and manufacturing buildings is increasing as the region's economy gains momentum."
The sale of the former Mervyn's building, terms of which were not disclosed, is one of a number of large industrial deals of late in the region. These included the sale of Circuit City's 610,000-square-foot former distribution center in Livermore, Overton Moore Properties' 506,490-square-foot lease to Solyndra in Fremont and a two-million-square-foot East Bay portfolio sale.
These deals continue "a fourth quarter trend of larger transactions across all product sectors in Silicon Valley," according to Colliers International senior managing partner Jeff Fredericks. He calls the Mervyn's building sale, "an important contribution to the health of the Bay Area economy."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.