Cushman & Wakefield advises sale of ±602,730 SF state-of-the-art core industrial project in Newark, CA

Cushman & Wakefield announced the firm has advised the sale of Morton Commerce Center, a ±602,730-square-foot core industrial project in Newark, California. Recently constructed in 2020 and situated on over 31 acres, the Class A project comprises four buildings and is 100% leased to four high quality tenants. The property was acquired by Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, for an undisclosed price.

Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group based in Southern California represented the seller in the transaction. The firm’s John McManus and Victor DeBoer also provided local leasing advisory.

“With name-brand tenants and long-term mark-to-market upside, Morton Commerce Center was a tremendous investment opportunity to acquire a critical mass of core institutional quality industrial assets,” said Executive Vice Chair Jeff Chiate. “This modern property is strategically located in the heart of San Francisco’s East Bay industrial market and represents a strong infill location and a true core investment asset in one of the strongest industrial markets in the nation. The asset makes a great addition to the buyer’s coastal portfolio.”

Morton Commerce Center consists of four Class A buildings located at 7355, 7375, 7380, and 7395 Morton Avenue. The project boasts best-in-class industrial features including 30’-32’ clear heights, ESFR sprinklers, heavy power, abundant loading, and solar-ready roofs.

The property is proximate to the Port of Oakland, multiple airports as well as Interstate 880 and Highway 84, giving it exceptional logistical access throughout the Greater Bay Area, statewide, and the Western U.S.

“Despite macroeconomic headwinds, we continue to see strong investor demand for well performing, well located high-quality industrial assets throughout the Western U.S.,” added Executive Vice Chair Rick Ellison.

According to Cushman & Wakefield’s Q4-2022 market report, industrial vacancy in Newark was a mere 1.1%, with nearly 250,000 sf of annual occupancy growth in 2022.