OFFERING MEMORANDUM
SAN FRANCISCO BAY BRIDGE PORT OF DOWNTOWN OAKLAND OAKLAND ALAMEDA OAKLAND COLISEUM & ARENA
OAKLAND INT’L AIRPORT
DOOLITTLE DRIVE
SUBJECT PROPERTY
WILLIAMS ST
EAST BAY INDUSTRIAL OPPORTUNITY 2380-2388 WILLIAMS STREET + 1717 DOOLITTLE DRIVE
585,517 SF Class A, Industrial Park // 100% Leased to High Quality Logistic/Manufacturing Tenants Strategic Last Mile Location – 1.5 Miles to Oakland Airport // Within a 30 Mile Radius of 6.0 Million Residents
A CBRE NATIONAL PARTNERS INDUSTRIAL INVESTMENT OPPORTUNITY EXECUTIVE SUMMARY
WAYFAIR4 EXECUTIVE TRUCK DOCK SUMMARY PACKAGES – 2388 WILLIAMS EXECUTIVE SUMMARY
THE OFFERING
CBRE is pleased to offer for sale an institutionally developed-redeveloped, 100% leased multi-tenant industri- al property in the East Bay Industrial market of Northern California. The 2017-constructed 163,979 SF Class A 32’ Clear ESFR warehouse at 2380-2388 Williams is complemented by the 421,538 SF manufacturing & warehouse building at 1717 Doolittle. The property is 100% leased to National and Global credit logistics tenants, and is located in one of the most robust markets in the U.S. with a less than 2% vacancy rate. Situated 1.5 miles south of Oakland International Airport and within 10 miles of the Port of Oakland (the 4th largest U.S. shipping port), this project attracts companies seeking an infill logistics location that wish to take DOOLITTLE DRIVE advantage of the highly educated technology and manufacturing labor pool. 1717 DOOLITTLE DRIVE
2050 WILLIAMS STREET
2250 WILLIAMS STREET
WILLIAMS ST 2380-2388 WILLIAMS STREET 1717 DOOLITTLE DRIVE PROPERTY TOTAL SAN LEANDRO, CA SAN LEANDRO, CA
2350 WILLIAMS STREET SQUARE FOOTAGE ±163,979 SF ±421,538 SF 585,517 SF OCCUPANCY 100% 100% 100%
YEAR BUILT 2017 1955, Ren. 1965, 1970, 2006-2012, 2017 –
2380 WILLIAMS STREET YEAR 1 NOI $1,469,080 $3,085,215 $4,554,295 TENANTS ±82,300 SF ±170,000 SF 2388 WILLIAMS STREET 135’ ±157,263 SF ±81,679 SF 585,517 SF
Trailer Storage ±94,275 SF
TOTAL LAND AREA: 19.13 ACRES
INVESTMENT THESIS East Bay Industrial Portfolio represents a desirable opportunity to acquire a critical mass of 100% leased industrial product in one of the top industrial markets in the U.S. The newly constructed building is attractive to all distribution, last mile and e-commerce users. This is the first new industrial development in San Leandro in 15 years. The remodeled 421,538 SF advanced manufacturing/warehouse building offers a flexible design with three tenants occupying units ranging from 94,357 SF to 170,000 SF, with additional divisibility. Investors benefit from below market rents and attractive cash flows. The 23 MSF San Leandro Submarket is currently 0.8% vacant. The 5-year average vacancy is 2.6%.
EXECUTIVE SUMMARY 5 WAYFAIR6 EXECUTIVE TRUCK DOCKS SUMMARY – 2388 WILLIAMS WAYFAIR DRIVEWAY ENTRANCE – 2388 WILLIAMS CEVA DRIVE-IN DOOR – 2380 WILLIAMS
2250 WILLIAMS LOADING SERVICE WEST INTERIOR – 2250 WILLIAMS CEVA10 SPEEDPROPERTY BAY AND DESCRIPTION LOADING DOORS – 2380 WILLIAMS PROPERTY DESCRIPTION
WAYFAIR EXECUTIVEINTERIOR SUMMARY– 2388 WILLIAMS11 PROPERTY DESCRIPTION
BUILDING 1 – 163,979 SF 2380-2388 Williams Street represents the newest class A high cube warehouse in the San Leandro industrial market. This 163,979 SF dock-high building has excellent truck loading (135’ deep concrete truck court), 32’ clear height, ESFR sprinklers, LED lights, vertical lift doors with hydraulic load levelers and dock packages and additional concrete yard for trailer storage. The state-of-the-art specifications position this asset to be valuable for many years to come.
OCCUPANCY INDUSTRIAL INDUSTRIAL PARCEL # TOTAL LAND SIZE OFFICE SF / % COLUMN # OF BLDGS YEAR CLEAR TRUCK LOADING 100% MARKET SUBMARKET 079A-0541-010 RENTABLE AREA 19.16 (shared) 7,086 (1st FL) / SPACING 1 BUILT HEIGHT DEPTH East Bay San Leandro 163,979 SF 3,288 (2nd FL) 50’ x 52’ 2017 32’ 135’ 10,374 SF (Total) / 6% + Trailer Storage Area
DOCK-HIGH DRIVE-IN ZONING CONSTRUCTION ROOF SPRINKLERS ELECTRICAL LIGHTING HVAC SKYLIGHTS PARKING DOORS DOORS IG - General TYPE Metal Truss ESFR 2000 amps, LED Yes Yes Bldg. 1 - 279 Stalls 36 2 Industrial concrete tilt-up Dens-Deck and a 60mm TPO membrane K-17 480v, 3P Bldg. 2 - 251 Stalls 7’ Slab - 18” OECW 20 year Warranty (1,200 to Wayfair, Total - 530 Stalls 800 to CEVA)
BUILDING 2 – 421,538 SF 1717 Doolittle Drive is a flexible warehouse totaling 421,538 SF. The project’s desirable features include 30 dock-high loading positions, a calculated fire sprinkler system, skylights throughout and usuable power. The property lends itself to manufacturing uses as well as distribution. Recent capital improvements include repaved / resealed parking lot, new exterior paint and siding, new warehouse restrooms in suite 2250, remodeled office in suite 2350, and drought resistant landscaping.
OCCUPANCY INDUSTRIAL INDUSTRIAL PARCEL # TOTAL LAND SIZE OFFICE SF / % # OF BLDGS YEAR CLEAR SKYLIGHTS TRUCK LOADING 100% MARKET SUBMARKET 079A-0541-010 RENTABLE AREA 19.16 (shared) 7,350 (1st FL) / 1 BUILT HEIGHT Yes DEPTH East Bay San Leandro 421,538 SF 52,350 (2nd FL) 1955 19’-23’ 91’ 59,700 SF (Total) / 14% Ren. 1965, 1970 2006-2012, 2017
DOCK-HIGH GRADE LEVEL ZONING CONSTRUCTION ROOF SPRINKLERS ELECTRICAL LIGHTING HVAC PARKING DOORS DOORS IG - General TYPE 1717 Doolittle: Concrete 1 Ply overlay (2010) Class IV 1717 Doolittle / T-5 Yes Bldg. 1 - 279 Stalls 30 3 Industrial Cast-In-Place 2050 / 2250 Williams: Metal Truss w/ wood deck @ .45 gpm/ ERI: 2,500 Amps Bldg. 2 - 251 Stalls Concrete and coal tar and gravel (original) 2,000 SF 2050 - 2250 Williams / Total - 530 Stalls 2350 Williams: New Dens Deck Roof 60 MM TPO Service West: 800 Amps (verify) Membrane (Dec 2016 - 10 Year Warranty) 2350 Williams / New skylights 2016. Zinus: 1200 amps
12 PROPERTY DESCRIPTION SITE PLAN
LEGEND Office Space Dock High TRAILER STORAGE + EXCESS PARKING GradeLEGEND Level ±8,500 SF 530 Parking Spaces 91/1,000 SF 2380-2388 WILLIAMS STREET 1717 DOOLITTLE DRIVE ±163,979 SF ±421,538 SF
TRUCK/TRAILER
AURORA DR AURORA 875.9’ ENTRANCE 135.7’
2350 2250 2050 1717 DOOLITTLE DR WILLIAMS ST WILLIAMS ST WILLIAMS ST DOOLITTLE DRIVE 528’
425’ 2388 2380 80’ (E)ONE PLUS PARTIAL WILLIAMS ST WILLIAMS ST ZINUS 2-STORYSERVICE BUILDING WEST ERI NEW BUILDING ±421,538 S.F. ±161,483 S.F. 295.7’ ±94,275 SF TYPE III-B±157,263 (SPRINKLED) SF ±170,000 SF WAYFAIR TYPE III-B (SPRINKLED) CEVA DEC-17 APR-21 JUL-28 ±81,679 SF ±82,300 SF SEPT-22 AUG-22 23’ Clear 19’ Clear 19’ Clear 5,000 SF ±6,576 SF 1st Floor ±7,600 SF 32’ Clear 32’ Clear 2 Floors 2 Floors ±2,200 SF ±2,500 SF 528’ 2 Floors ±50,000 SF 2 Floors 2nd Floor Office
82’ 91.1’
WILLIAMS ST NOME ST
Tenant Square Footage Address Lease Expiration Company Overview Energy Recovery, Inc. ±170,000 SF 1717 Doolittle Drive July 2028 Advanced Manufacturing of Water and Oil/Gas Industries Service West ±157,263 SF 1717 Doolittle Drive April 2021 Office and Furnishing Services Zinus ± 94,275 SF 1717 Doolittle Drive December 2017 E-Commerce Furniture Warehousing CEVA ± 82,300 SF 2380-2388 Williams St. August 2022 Logistics Manufacturing Services Wayfair ± 81,679 SF 2380-2388 Williams St. September 2022 E-Commerce Furniture Warehousing
PROPERTY DESCRIPTION 13 PROPERTY AERIAL
DOOLITTLE DRIVE
1717 DOOLITTLE DRIVE
2050 WILLIAMS STREET
2250 WILLIAMS STREET
WILLIAMS STREET 2350 WILLIAMS STREET
2380 WILLIAMS STREET
2388 WILLIAMS STREET
AURORA DRIVE
PROPERTY DESCRIPTION 15 CEVA INTERIOR – 2380 WILLIAMS ERI INTERIOR – 1717 DOOLITTLE
WAYFAIR16 TRAININGEXECUTIVE ROOM SUMMARY – 2388 WILLIAMS WAYFAIR INTERIOR – 2388 WILLIAMS LOCAL MAP
SAN FRANCISCO & AIRPORT
1.3 MILES
SUBJECT PROPERTY
1.0 MILES
HAYWARD (15 MIN) & SAN JOSE (38 MIN)
DRIVE TIME FROM PROPERTY TO ON/OFF RAMPS = FULL DIAMOND EXCHANGE
PROPERTY DESCRIPTION 17 REGIONAL MAP
SAN FRANCISCO BAY BRIDGE PORT OF DOWNTOWN OAKLAND OAKLAND
HARBOR BAY ALAMEDA OAKLAND BUSINESS PARK COLISEUM & PEETS OAKLAND ARENA COFFEE RAIDERS HQ HQ BENJAMIN PETFOOD EXPRESS NORTH OAKLAND INT’L MOORE UPS FEDEX FACE AIRPORT HQ HEGENBERGER ST. SLEEP TRAIN 98TH AVE SAFEWAY MILK
GRAINGER
DOOLITTLE DRIVE COSTCO DAVIS ST CREATIVE WESTGATE ENERGY CASE POWER SHOPPING Walmart OYSTER BAY REGIONAL SHORELINE FXI FEDEX Home Depot STAGING AREA ST. GEORGE Office Depot Dollar Tree Drake’s Brewery AT&T 21ST AMENDMENT EAST BAY BREWERY INDUSTRIAL OPPORTUNITY
WILLIAMS ST
18 PROPERTY DESCRIPTION Maine Prairie Daisie Penngrove Napa Sonoma 5 Herald 101 160 Boyes Hot 12 84 Green Valley Fairfield Travis AFB Galt Springs Walnut Grove Petaluma 116 12 220 113 Thornton 29 12 Dogtown 121 Eagle Tree 5 American Clements Skaggs Island 80 12 99 Canyon Isleton Lockeford DRIVE TIME MAP Rio Vista Woodbridge Birds Landing Lodi Victor REGIONAL MAP 101 San Pablo Bay National 37 Wildlife Refuge 12 12 Novato Vallejo Grizzly Island Wildlife Area 160 88 680 780 Collinsville 1 San Pablo Bay Suisun Bay 5 Benici Morada Pittsburg Martinez 4 Bethel Island Linden Woodacre 80 4 Antioch Lincoln Oakley Village San Rafael Concord San Pablo Arbor Stockton Mt Tamalpais Watershed Pleasant Hill Port of Stockton 101 Orwood BNSF Intermodal Yard 580 680 Brentwood 1 Corte Madera Stockton El Cerrito Walnut Creek Discovery Bay Mill Valley 4 Metropolitan 131 24 Mt Diablo 4 Airport Berkeley Byron 99 Sausalito Oakland Danville Lathrop 13 Atlanta 80 Port of Oakland Tassajara Manteca Gulf of the Farallones Marine Sanctuary 580 Mountain 120 San Francisco San Ramon House 5 Alameda 205 1 680 Banta Altamont Tracy Ripon 280 San Leandro 99 Oakland Lyoth International 580 Dublin Ulmar Salida 580 Carbona Daly City Airport 880 101 Livermore Hayward Pleasanton 580 280 5 San Francisco 132 San Bruno International Vernails Pacifica Airpot 84 82 Mendenhall 92 238 Sunol MILES FROM Springs 33 DESTINATION MINUTES PROPERTY San Mateo 680 Fremont Westley Oakland International Airport 5 1.5 Bair Island 84 5 Hayward/San Mateo Bridge 15 111 880 280 Port of Oakland 18 10 92 Half Fremont 101 880 Patterson 25 18 Moon Bay Downtown San Francisco 30 20 35 Palo Alto Milpitas Palo Alto 37 26 237 San Jose Diablo Grande Crows San Francisco Int’l Airport 31 27 Mountain International Airpot Landing San Jose International Airport 38 33 View 680 Sunnyvale/Santa Clara 82 43 34 TH84 280 San Jose Tracy/ I-5 55 48 La Honda 280
35 Campbell Loma Mar Saratoga EXECUTIVE SUMMARY 5 5 Pescadero 17 85 Los Gatos PROPERTY DESCRIPTION 19 ERI INTERIOR – 1717 DOOLITTLE WAYFAIR INTERIOR – 2388 WILLIAMS
WAYFAIR20 INTERIORPROPERTY – 2388DESCRIPTION WILLIAMS ERI INTERIOR – 1717 DOOLITTLE EAST BAY INDUSTRIAL OPPORTUNITY 2380-2388 WILLIAMS STREET + 1717 DOOLITTLE DRIVE
CAPITAL MARKETS EXPERTS LOCAL MARKET EXPERTS DEBT & STRUCTURED FINANCE
DARLA LONGO REBECCA PERLMUTTER FINKEL, CFA MICHAEL BARRY VAL ACHTEMEIER CBRE CBRE CBRE CBRE Vice Chairman/Managing Director Senior Vice President Senior Vice President Executive Vice President Lic. 00639911 Lic. 01838624 Lic. 00950054 Lic. 01868169 +1 909 418 2105 +1 310 922 5237 +1 510 874 1926 +1 213 613 3109 [email protected] [email protected] [email protected] [email protected]
BARBARA PERRIER MICHAEL KENDALL BOB FERRARO CBRE CBRE CBRE Vice Chairman Senior Vice President Senior Vice President Lic. 00969169 Lic. 01895979 Lic. 00949584 +1 213 613 3033 +1 909 418 2034 +1 510 874 1910 [email protected] [email protected] [email protected]
GLOBAL INDUSTRIAL & LOGISTICS NORTHEAST SOUTHEAST SOUTH CENTRAL NORTH CENTRAL WEST DEBT & STRUCTURED FINANCE Jack Fraker Michael D. Hines Chris Riley Randy Baird Mike Caprile Darla Longo Val Achtemeier Brian Fiumara Frank Fallon Jonathan Bryan Ryan Bain Barbara Perrier Scott Lewis Brad Ruppel Trey Barry Ryan Thornton Zach Graham Rebecca Perlmutter Finkel Steve Roth Lauren Dawicki Jennifer Klingler Heather McClain Brett Hartzell Steve Kundert Mike Kendall Eric Cox Gina Christen
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© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or represen- tation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.