CBRE Pre-Leases New Oakland Industrial Facility
Prologis Park, the newly constructed 58,500-square-foot industrial building in Oakland, CA has been pre-leased to national tire distributor TireHub. TireHub was cofounded by Goodyear and Bridgestone, and currently has facilities in Benicia and Hayward, CA.
“New industrial space in Oakland’s main throughway is extremely rare and location is a huge value-add for TireHub as they looked to expand in the East Bay,” said CBRE’s Chris van Keulen who represented the tire company.
Oakland has one of the lowest industrial vacancies in the U.S. at 2.3%. “With fewer new developments and limited industrial availability in the East Bay, we’re seeing more pre-leasing activity, a sign of strong demand in an already competitive market,” said CBRE’s Kevin Hatcher, who represented Prologis in the deal. “Prologis designed a unique, small logistics building that supports the business needs of TireHub with access to all nine Bay Area counties, within a one-hour drive time.”
- ◦Lease