Back in 2020, a 100-year-old regional dairy called Berkeley Farms was forced out of business by the bankruptcy of its parent company, leaving a sprawling industrial site in the East Bay city of Hayward in California. Nevada-based Dermody Properties paid $48.2 million for the site and developed it into two logistics and industrial buildings off Highway 92 and Clawiter Road, near the eastern approach to the San Mateo-Hayward Bridge.
That move paid off. In early 2024, with office markets in the Bay Area and nationwide plagued by empty space and weak rents, New Jersey-based PGIM, the global investment unit of insurance behemoth Prudential Financial, paid $103 million for the property in an all-cash deal.
The message seemed clear: Modern logistics and manufacturing buildings in the region could still command big money for the right property. The deal was one of the East Bay's largest industrial sales of the year, earning it a 2025 CoStar Impact Award for sale/acquisition of the year in the East Bay, as judged by real estate professionals who are familiar with the market.
Known as LogistiCenter, the site consists of two four-star logistics and industrial buildings totaling 353,600 square feet. One Impact Award judge, Marilyn Hansen, senior director of retail and investments at TRI Commercial, observed that the deal also had the potential to create jobs in the area and encourage other large investment companies to invest in the region.
About the project: CBRE arranged the sale of the LogistiCenter at Clawiter. The property has heavy power, 66 dock-high doors and four grade-level doors.
What the judges said: "LogistiCenter was selected for its strategic value and significant market impact," said Kesava Washington, an economic development specialist with the city of Walnut Creek. "The transaction’s size and timing, combined with the property’s key attributes, demonstrated its strong potential for long-term value."
They made it happen: CBRE's Rebecca Perlmutter, Darla Longo, Barbara Perrier, Joe Cesta, Eric Cox and Michael Long were behind the sale. Jason Ovadia, Michael J. Murray, Greg. J. Matter and Ada Wong of JLL handle leasing.
CoStar Market Manager Madison Zebrowski contributed.