Cushman & Wakefield Completes Lease Up of Hayward, Calif., Industrial Property

HAYWARD, Calif. - Nov. 13, 2015 - PRLog -- Cushman & Wakefield has completed the lease-up of a 114,500-square-foot Hayward industrial property for which it brokered the sale just six months ago. The rapid stabilization of the asset at 2368 Lincoln Ave. stems from improvements made by the new ownership as well as tight market fundamentals, according to John Coons of the commercial real estate services firm’s Oakland, Calif., office.

In late May, Coons and Cushman & Wakefield’s John McManus arranged the $9.4 million trade of the former single-tenant, 4.6-acre property to KTR Real Estate Advisors, shortly before that firm’s acquisition by Prologis. Prologis subsequently retained Coons and McManus as leasing agents for the 1980s-era warehouse/distribution facility. The firm also launched a full-building capital improvement program including parking lot repairs, painting, new roofing and system modernizations highlighted by the installation of ESFR sprinklers.

Two months later, a leading 3PL companyleased 70,500 square feet at 2368 Lincoln Ave. The global supply chain management solutions firm relocated to the property from South San Francisco in a move that more than doubled its regional operation. Craig Hagglund and Reid Bassinger of Lee & Associates represented the tenant in the long-term transaction. Prologis reconfigured the building’s two-story office component to meet tenant’s needs, while also improving the truck court, replacing doors and installing new dock equipment.

This fall, Worldwide Lighting committed to the building’s remaining 44,000 square feet in a long-term transaction that represents an expansion of its local office. Zach Smith and Joe Fabian of Cornish & Carey served as brokers for the company, which manufactures decorative lighting products. Prologis currently is building out the space, including 2,500 square feet of offices. Worldwide Lighting is expected to take occupancy in early December.

“The almost immediate success of 2368 Lincoln Avenue speaks to the commitment Prologis made to update and modernize the building to its high standards,” Coons said. “Both tenants took advantage of a great opportunity to lease space in a premier warehouse.”

Strong demand for quality industrial product in the face of limited supply also contributed to the property’s expedited leasing. “The East Bay industrial market currently has a 3.6 percent vacancy rate,” Coons noted. “And conditions are even tighter when it comes to product of this size.”

Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014 globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 337 million square feet with an aggregate value in excess of $16.8 billion.

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Cushman & Wakefield Industrial