GLP Capital Partners purchased a 330,000-square-foot warehouse at 3129 Corporate Pl. in Hayward from New York-based Clarion Partners, the San Francisco Business Times reported Tuesday. The sale price appears to be $75 million for the property, which is among the largest warehouses along the I-880 corridor.
The warehouse has been occupied by Nor-Cal Moving Services since 2014. Nor-Cal’s lease there is set to expire in 2025; it has been paying $0.53 per square foot, according to the Business Times. That rate compares to average asking rents in Hayward that are now closer to $1.40 per square foot for industrial properties.
Hayward’s 35-million-square-foot industrial market had a vacancy rate of 3.3% as of the fourth quarter of 2023, slightly tighter than Oakland’s overall industrial vacancy rate of 3.8%, per data from CBRE. Clarion Partners acquired the property, which dates from 1975, in 2005. The company has sold a handful of properties to GLP Capital, including a 580,000-square-foot Inland Empire warehouse in 2022.
