SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $21.6 million sale of 39700 and 39870 Eureka, two fully-leased, institutional-quality advanced manufacturing and R&D buildings totaling 149,089 square feet in the San Francisco Bay Area community of Newark, California.
HFF marketed the asset on behalf of the seller, Cohen Asset Management, Inc. Exeter Property Group purchased the assets free and clear of existing debt.
Located near the epicenter of the western United States, the properties are in close proximity to Oakland International Airport, the Port of Oakland, Mineta San Jose International Airport and South Pacific Coast Railroad. Situated on 12.01 acres in southeast Newark approximately 38 miles from downtown San Francisco, the properties are adjacent to several interstates, including 880, 580, 680, 80 and 5, providing direct access into San Francisco, Seattle, Los Angeles, Sacramento, Reno, Portland and Salt Lake City. Completed in 2001, 39700 and 39870 Eureka have received approximately $5.8 million in tenant-specific improvements and feature clear heights up to 20’ and nine dock-high and five drive-in loading doors. The buildings are leased on a triple net lease basis to a diverse tenant mix, including Resin Designs, LLC; Socket Mobile, Inc. and SMART Modular.
About Cohen Asset Management, Inc.
Cohen Asset Management, Inc. is a private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. Cohen is in the business of acquiring, owning, developing and managing industrial properties and has an established history as an active owner-operator with their primary focus being the industrial sector. Learn more at CohenAsset.
About Exeter Property Group
Exeter Property Group is a real estate investment manager focused on industrial properties and portfolios across North America and Europe. As hands-on operators, its experienced team of real estate experts acquires, develops and manages big box warehouse, multi-tenant logistics and select office and multi-use properties out of multiple regional offices. Exeter Property Group’s combination of local execution and national scope allows it to construct diversified, high-performing portfolios to deliver superior real estate solutions to its tenants and to deliver superior risk-adjusted returns to its investors. Learn more at ExeterPG.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit HFFLP or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.