Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKLAND, CA-Exel Inc. has signed a 40-month lease for 100,800 sf in AMB Property Corp.’s Edgewater Industrial Center, a 400,000-sf building here at 7200 Edgewater Dr.

Todd Severson, the Colliers International broker with the leasing assignment for the building, tells GlobeSt.com the lease brings Edgewater Industrial Center to about 92% leased. Colliers SVP Greig Lagomarsino, who represented Excel in the transaction, was not immediately available for comment.

Exel, a UK-listed global supply chain management company, is consolidating and expanding from the Hayward area, Severson tells GlobeSt.com. Its neighbors in Edgewater Industrial Center will include EAGLE Logistics and Metropolitan Furniture, a wholly owned subsidiary of Steelcase Inc.

The triple-net asking rate for space in the building was $0.39 per sf per month. The negotiated lease rate was not released, but local brokers familiar with the deal tell GlobeSt.com it wound up in the mid $0.30s. The lease agreement includes two acres of paved and fenced yard space.

AMB Property Corp. 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.

Vacancy rates in the Oakland industrial market dropped from 7.2% at the end of the second quarter to 6.3% at the end of the third quarter. Severson says the warehouse-distribution market by itself has a vacancy rate of closer to 9%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.