NEWARK — A huge Amazon fulfillment center in Newark has been bought by a veteran real estate investor with a global reach, a deal that offers fresh evidence that big-name tech tenants can be magnets for property buyers.
BentallGreenOak, acting through an affiliate, has paid $138 million to grab the Amazon complex in Newark, according to documents filed on Dec. 23 with the Alameda County Recorder’s Office.
The Amazon fulfillment center is located at 38811 Cherry St. in Newark, the county documents show.
BentalGreenOak bought the Amazon-leased property from Metropolitan Life Insurance Co. in an all-cash deal, the county records show.
The MetLife financial services behemoth appears to have harvested a profit from its sale of the 29-acre Newark property, which consists of two parcels: In mid-2022, the assessed value of the site was about $100 million, county records show.
These kinds of logistics centers have enticed commercial property investors lately. In recent years, consumers have reduced in-person shopping at physical retail stores and shifted to more online shopping and e-commerce.
The retail upheaval has prompted Amazon and other e-commerce titans to seek more sites for their logistics and warehouse operations.
The just-purchased Amazon site in Newark is a short distance from Interstate 880, which connects to the East Bay and Silicon Valley. The Amazon fulfillment center also is about 3.5 miles away from State Route 84, which links up with the Peninsula.
The complex totals 575,000 square feet, according to a post by Conor Commercial Real Estate, the principal developer of the property.
“The building offers a prominent Bay Area location,” the Conor Commercial website stated.
The fulfillment center provides Amazon with an array of facilities to support a huge operation, according to the information posted by the developer.
“The e-commerce retailer benefits from the facility’s 32-foot clear height, 120 dock doors, full-size truck courts and on-site parking for 175 trailers,” Conor Commercial stated.
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