May 6, 2022 9:00 AM
Newmark announces it has completed the sale of 300 Toland Street, a 1.76-acre site in San Francisco, California inclusive of a 22,674-square-foot industrial building. The property is ideally situated in the core industrial market of San Francisco’s Bayview submarket. Located between Highways 280 and 101, the property presents immediate access to major Bay Area cities, airports and high consumer demand areas.
Newmark Senior Managing Director Seth McKinnon, Executive Managing Director Mark Geisreiter, Associate Director Nadav Kariv and Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik facilitated the transaction. The seller was a private family investor, and the buyer was LBA Realty.
“Investor demand for 300 Toland was extraordinarily robust and resulted in a market setting price for value-add industrial within San Francisco,” said McKinnon. “This sale reflects a significant change in demand from traditional users to a new breed of industrial-focused tech users and the growing need for last-mile distribution.”
The Bayview submarket is robust and is experiencing surging tenant demand in recent months. Historically occupied by traditional industrial users, the Bayview is now attracting technology companies requiring R&D, storage, distribution or manufacturing space close to their existing headquarters in the Bay Area. Strong demand from both traditional users and technology companies has reduced the vacancy rate to 4.4%, and rents have increased by 6.4% over the last 12 months, according to Newmark Research.
LBA, founded in 1991, is a full-service real estate investment and management company with a diverse portfolio of industrial and office properties with approximately 93 million square feet across the nation. Our industrial footprint is 84 million square feet throughout the country in major logistic markets. Our office portfolio consists of 9 million square feet located in major Western U.S. markets. The foundation of the company is to create and execute customized value creation programs for individual properties and to develop strong customer relationships.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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