PGIM pays $103M for logistics center in Hayward
Dermondy’s all-cash deal for industrial campus works out to $291 psf
PGIM has paid $103 million for a 353,600-square-foot warehouse complex in Hayward.
An affiliate of the New Jersey-based asset management arm of insurance giant Prudential Financial purchased the two-building industrial property at 25500 Clawiter Road, the San Jose Mercury News reported. The seller was Dermody Properties, based in Reno.
The all-cash deal for the 21-acre campus near Highway 92 and Clawiter Road works out to $291 per square foot.
The complex, LogistiCenter at Highway 92, contains two warehouses containing 232,600 square feet and 121,000 square feet.
The triangular site was once the home of Berkeley Farms, a well-known Bay Area milk producer and dairy brand founded in 1910, which closed in 2020 after its owner, Dean Foods, declared bankruptcy.
Dermody bought the site that year for $48.2 million, razed the Berkeley Farms building and replaced it with the logistics complex.
LogistiCenter at Highway 92 has parking for 199 cars and 14 big-rig trailers, according to LoopNet.
Oakland-based Harvest Properties, which finds tenants for commercial properties, is working with PGIM to guide the future of the Hayward logistics complex.
— Dana Bartholomew