PGIM pays $103M for logistics center in Hayward

Dermondy’s all-cash deal for industrial campus works out to $291 psf

PGIM Pays $103M for Pair of Hayward Warehouses
PGIM CEO Eric Adler and 25500 Clawiter Road (PGIM, Ware Malcomb)

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.

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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

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