UNION CITY, CALIF. — Terreno Realty Corporation has acquired Central Plaza, a 170,129-square-foot industrial complex in the San Francisco Bay Area submarket of Union City, for $23.8 million. Terreno is also under contract to acquire Central Pacific, an adjacent industrial project that is currently under construction, for $37.2 million.
The three-building, Class A Central Plaza is located at 33306-33580 Alvarado Niles Road. It recently received an upgrade to its exterior façade, asphalt, roof and HVAC system.
Central Plaza is currently 99 percent leased. Notable tenants include Strapack, CoreMark and Phillips Delivery.
The four-building, 300,000-square-foot Central Pacific is scheduled for completion next March. The Class A project is being developed by Westcore Properties, which was also the seller of Central Plaza.
Kevin Hatcher and Mark Maguire of Colliers International represented both Westcore Properties and Terreno Reality Corporation in these transactions.