Bisnow Exclusive: Rare Deal in Tight San Leandro Market
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We just got word of an industrial sale in San Leandro, and Lee & Associates principal Jesse Lucas tells us deals like this are tough to come by.
Jesse (snapped here at Henry's Hi-Life before an Eric Church concert) just sold 2561 Grant Ave, a 102k SF industrial building on 4.6 acres. Jesse tells us these deals are nearly impossible to find and the market is the tightest he's seen in his 16 years of working the 880 corridor. The sale was just under $8M and the buyer is a private family that was in a trade that will occupy 38k SF.
The main tenant is Epac, a supply chain company that's leasing 64k SF. The seller is Linda Hotem and it was an off market deal. Jesse tells us the price was reasonable based on the long-term rent Epac is paying, which provided a good basis for the buyer.