Duke Realty Closes On Oakland Glass Factory, Plans Industrial Redevelopment
Indianapolis-based developer Duke Realty has paid $34.4M to acquire a former glass factory in Oakland with plans to redevelop the site into a large distribution facility.
The 23.9-acre site is in Oakland’s Fruitvale district. Ohio-based Owens-Brockway Glass Container Inc. sold the property for north of $1.4M per acre.
The sale, reported by East Bay Times, comes about two months after Duke filed a proposal to redevelop the site at 3600 Alameda Ave. As first reported by SFYIMBY, Duke is planning a nearly 428K SF warehouse, including 40K SF of office space, 284 parking spaces and 254 parking stalls for trucks.
The site currently includes 16 buildings totaling 1.2M SF of industrial space that once held the operations of a glass recycling facility. Plans call for the demolition of those buildings to make way for a new 50-foot-tall building to be built on a speculative basis. Prospective tenants include manufacturing, R&D and distribution companies, according to SFYIMBY.
Duke counts e-commerce giant Amazon as a tenant in several of its modern warehouse developments.
Elsewhere in the Bay Area, Duke is seeking tenants for a 221K SF warehouse in San Leandro that it acquired at the end of 2019, according to The San Francisco Business Times.
Strong industrial demand continues to push down vacancy levels in Oakland. The region ended the third quarter with a vacancy rate of 2.6%, down 30 basis points from Q2, according to a CBRE report. There was 1.5M SF of industrial space under construction at the close of Q3.
