A huge industrial complex in Newark has been bought by a veteran Bay Area real estate company in a a deal that tops $180 million.
NEWARK — A huge industrial complex in Newark has been bought by a veteran Bay Area real estate company in a a deal that tops $180 million and is one of the largest property transactions so far this year in the Bay Area.
Morton Commerce Center has been bought for $186 million by an affiliate controlled by Terreno Realty, according to documents filed on March 31 with the Alameda County Recorder’s Office. The deal suggests that despite an increasingly wobbly economy both locally and nationwide, investors still seek commercial real estate properties in choice locations.
Cushman & Wakefield brokers Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, Matt Leupold, John McManus and Victor DeBoer arranged the transaction. The just-bought industrial center consists of four buildings that together total 602,700 square feet, according to Cushman & Wakefield, a commercial real estate firm.
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