Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that the joint venture between Conor Commercial Real Estate, a member of The McShane Companies, and American Realty Advisors has awarded Cassidy Turley the exclusive listing to market its new 575,000-square-foot state-of-the-art, Class-A cross-dock LEED distribution facility in Newark, California. The Cassidy Turley marketing team is comprised of veteran industrial agents Jeff Starkovich, Jay Hagglund, and Sam Higgins of the firm’s Oakland office, along with Scott Borgia and Mark Dowling of the firm’s San Jose and Pleasanton offices. The property is being offered to the marketplace on a for-lease basis.
The premier facility will be known as the Cherry Logistics Center because of its well-positioned location on a 29-acre parcel at 38811 Cherry Street. Conor Commercial Real Estate and American Realty Advisors recently partnered to acquire the property from BlueLinx (Georgia-Pacific). The site presently houses an existing 229,000-square-foot industrial building that will be demolished to accommodate the new development. The Cherry Logistics Center is anticipated to be available for occupancy by fourth quarter 2013.
Mr. Starkovich stated, “We are excited to be working with Conor Commercial Real Estate and American Realty Advisors to market this unique industrial asset. The Cherry Logistics Center will be a one-of-a-kind facility that is well positioned within the growing population center of the Bay Area. It will provide user(s) a very rare opportunity to lease a large logistics facility right here in our region.” He added, “Typically, comparable facilities of this scale are found further east in Tracy or Stockton or even deeper into the Central Valley.”
Centrally located in the East Bay and at the northeastern end of the Silicon Valley, Cherry Logistics Center is conveniently situated within one mile of Interstate 880 at Mowry Avenue and within five miles of California State Route 84’s Dumbarton Bridge. The property’s strategic infill location in Northern California’s global technology epicenter is expected to enhance the desirability of the asset to prospective tenants and institutional buyers.
The proposed plan for the site is anticipated to create considerable competitive advantages relative to existing and potential development projects, including overall size, additional clear height (32-ft. clear), ratio of dock-high doors (120 dock doors), efficiency, flexibility, configuration (full-size truck courts) and excess truck trailer parking (175+ trailer storage area).
John A. Dobrott, President/Industrial Division of Conor Commercial Real Estate, said, “We have designed and will construct the Cherry Logistics Center to offer the highest level of flexibility to accommodate the needs of either a single-tenant facility or a multi-tenant environment.”
Stanley L. Iezman, American Realty Advisor’s Chairman and CEO, stated, “We believe the Cherry Logistics Center, when completed, will benefit from robust demand growth over the near- and long-term as the San Francisco Bay Area is the global leader in technology and innovation. Located at the center of the metro area’s 7 million people, the property provides easy access to transportation infrastructure including major freeways, bridges, three international airports, and the Port of Oakland. As the existing warehouse inventory is older and inefficient, we expect this state-of-the-art logistics facility to fill the growing needs and requirements for increasingly sophisticated local and regional distributors.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,300 transactions, totaling over $4.3 billion in 2011.