TPM Davis Spends $35M for Warehouse in Hayward

TPM Davis has purchased a 132,700-square-foot warehouse in Hayward for $34.7 million, more than $9 million above its market price four years ago.

The Millbrae-based investor bought the industrial building at 2376 Davis Avenue, the San Francisco Business Times reported. The seller was Illinois-based CenterPoint Properties Trust.

The deal works out to $261 per square foot.

CenterPoint bought the Hayward property in 2020 for $25.5 million, or $192 per square foot.

The warehouse, built in 1973 on 5.5 acres, has 18 dock doors, two drive-in bays and 1,400 square feet of offices.

The vacancy at Hayward’s 35 million square feet of industrial warehouses and manufacturing plants was 5.7 percent in the second quarter, down from 5.9 percent in the prior period, according to CBRE.

Vacancy in the East Bay’s 127 million-square-foot industrial market was 5.9 percent from April through June, up 1 percent from the previous period.

In April, China-based GLP Capital Partners bought a 333,000-square-foot warehouse at 3129 Corporate Place in Hayward for $75 million, or $225 per square foot, according to the Business Times.

TPM Davis, a limited liability company founded in February, is managed by the Tov family, according to state business records.

— Dana Bartholomew