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PGIM Acquires 353.6K SF Industrial Property In Hayward For $103M

Property Image
SOLD
$103,000,000
Eric Adler
Douglas Kiersey Jr.

California

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Industrial353,600 SF
Sold 01/26/2024
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SOLD

PGIM Acquires 353.6K SF Industrial Property In Hayward For $103M

25500 Clawiter Road

See Similar Deals
Industrial353,600 SF
Sold 01/26/2024
Eric Adler
Douglas Kiersey Jr.
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$291
Total Square Footage:353,600 SF
Transaction Type:Sale

PGIM, the asset management arm of Prudential Financial, bought a 353,600-square-foot warehouse complex in Hayward for $103 million from Dermody Properties. The complex, known as LogistiCenter at Highway 92, is situated on a 21-acre plot near Highway 92 and Clawiter Road. This acquisition includes two warehouses and replaces the former Berkeley Farms dairy.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $103,000,000
  • Square Footage: 353,600
  • Address: 25500 Clawiter Road, Hayward
  • Market: Hayward

Eric Adler, representing PGIM, facilitated the purchase of the warehouse complex from Douglas Kiersey, who was representing Dermody Properties. The transaction serves as an important addition to PGIM's portfolio.

Players

Eric Adler
PGIM
Eric Adler
13 deals$1.1B volume
BUYER
Douglas Kiersey Jr.
Dermody Properties
Douglas Kiersey Jr.
7 deals$335M volume
SELLER

Details

SOLD
IMAGE: Douglas Kiersey & Eric Adler DATE: 01/26/2024 ADDRESS: 25500 Clawiter Road MARKET: Hayward ASSET TYPE: Industrial ~ ACRES: 21 BUYER: Eric Adler - PGIM (@PGIM) SELLER: Douglas Kiersey - Dermody Properties SALE PRICE: $103,000,000 SF: 353,600 ~ PPSF: $291 NOTE: PGIM, the asset management arm of Prudential Financial, bought a 353,600-square-foot Hayward warehouse complex for $103 million from Dermody Properties. The site, known as LogistiCenter at Highway 92, replaced the former Berkeley Farms dairy and includes two warehouses on a 21-acre plot near Highway 92 and Clawiter Road.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,493,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$365,937.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$488,272.55
Annual Debt Service$5,859,270.58