Industrial property company Terreno Realty Corporation which operates in six coastal U.S. markets has acquired Morton Commerce Center, a 602,730 sq. ft Class A development in Newark, California in a sale brokered by Cushman & Wakefield.

Located on a 31 acre site in San Francisco’s East Bay Market area, the development which was completed in 2020 is leased by four sitting tenants.

Executive Vice Chairs Jeff Chiate and Rick Ellison, Director Mike Adey, and Associates and industrial propert specialists Brad Brandenburg and Matt Leupold from Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the transaction, with colleagues John McManus and Victor DeBoer providing leasing advisory services.

“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,” says Chiate. “The 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.”

Despite macroeconomic headwinds, we continue to see strong investor demand for well performing, well located high-quality industrial assets

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

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 clear heights of between 30 and 32 metres, ESFR sprinklers, heavy power, abundant loading facilities, and solar-ready roofs.

The property is within easy reach of the Port of Oakland, multiple airports, Interstate 880 and Highway 84, providing exceptional logistical access to the Greater Bay Area and the western United States.

Only 1.1 per cent of industrial property in Newark was vacant at the end of 2022 according to a market report from Cushman & Wakefield, with the city in Alameda County recording achieving around 250,000 sq. ft of occupancy growth last year.