GLP Capital Acquires 330K SF Hayward Warehouse From Clarion For $75M

The industrial property located at 3129 Corporate Place in Hayward was sold for $75,000,000 in a recent transaction. Spanning 330,000 square feet, the warehouse was acquired by Ming Mei from GLP Capital Partners from David Gilbert representing Clarion Partners. The property has been leased to Nor-Cal Moving Services since 2014, with the current lease set to expire in 2025. The existing lease agreement with Nor-Cal Moving Services reflects a rental rate of $0.53 per square foot, notably lower than Hayward's average industrial rents of $1.40 per square foot.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $75,000,000
• Address: 3129 Corporate Place
• Market: Hayward
• Buyer: Ming Mei - GLP Capital Partners
• Seller: David Gilbert - Clarion Partners
• Square Footage: 330,000
• Price per Square Foot: $227

Ming Mei, representing GLP Capital Partners, facilitated the acquisition of the industrial property. The seller, David Gilbert, was the point of contact for Clarion Partners in this transaction. The property's long-term tenant, Nor-Cal Moving Services, has been a key occupant since 2014, maintaining a lease agreement that is below the typical rental rates in Hayward's industrial market.