At a glance
- The purchase is the joint venture's second Bay Area IOS investment.
- For allocators in the JV, the new asset doubles exposure to one East Bay infill submarket rather than diversifying across seaport markets.
- The 2.84-acre site includes an approximately 22,100-square-foot building with 22-foot clear heights and sits 1.7 miles from Interstate 880 and 20 to 25 miles from the Port of Oakland.
Sagard Real Estate and La Caisse bought 6691 Clark Ave., a fully leased industrial outdoor storage property in Newark, Calif., for their seaport-market joint venture. Terms were not disclosed.
The purchase is the joint venture's second Bay Area IOS investment. Sagard said the JV mandate targets U.S. seaport markets where tenant demand follows proximity to ports, population centers and trade infrastructure.
For allocators in the JV, the new asset doubles exposure to one East Bay infill submarket rather than diversifying across seaport markets.
The 2.84-acre site includes an approximately 22,100-square-foot building with 22-foot clear heights and sits 1.7 miles from Interstate 880 and 20 to 25 miles from the Port of Oakland.
"Newark's access to the East Bay's transportation network is central to the appeal of this investment," said Tom Stover, managing director of acquisitions at Sagard Real Estate.
La Caisse, formerly CDPQ and the JV's capital partner, agreed this week to buy 49.9% of Bell Canada's tower unit for C$2.45 billion, as Private Wealth Daily previously reported.
Reported by the Deals desk from IREI. Published . Corrections