Deets on Amazon's Big Lease
Conor Commercial Real Estate and American Realty Advisors just announced the completion and full-building lease of Cherry Logistics Center to Amazon. The new 575k SF LEED Silver industrial development sits on a 29.4-acre infill parcel at 38811 Cherry in Newark. An extensive interior tenant build-out is now underway, representing the largest industrial/warehouse lease deal in the East Bay in more than a decade. (The owners refrain from ID-ing Amazon as the new tenant, which is the Bay Area's worst kept secret.) We checked in with our industrial sources, who say the deal is rumored to be one of highest lease rates in the history of the market for warehouse space. The deal sets a new barometer for new construction warehouse leasing. Amazon's high visibility in the commerce world could open the door for making more companies aware of East Bay and benefits of the marketplace, especially along the 880 corridor.