An affiliate of PGIM Real Estate has acquired a 214,537-square-foot warehouse in Newark, California, for $78 million. The seller was the Los Angeles County Employees Retirement Association, a state pension fund. The deal for the Class A property at 7091 Central Avenue closed on January 2, according to reporting from the San Francisco Business Times.
The warehouse is part of the Newark Distribution Center, which consists of three buildings totaling more than 367,000 square feet. However, only the building at 7091 Central Avenue was included in this transaction.
The purchase by PGIM Real Estate adds to recent industrial real estate activity in the East Bay region. In December, an affiliate of Palisades Group based in Los Angeles bought a nearby 140,000-square-foot warehouse at 7411 Central Avenue for around $34 million. In November, BKM Capital Partners and Kayne Anderson Real Estate acquired a four-building industrial campus with over 105,000 square feet in Pleasant Hill for $25 million.
Industrial development continues elsewhere in the region as well. In July last year, CBRE partnered with 9th Street Partners and Clarion Partners to begin construction on Campus at Bayside—a manufacturing complex that will have six buildings spanning nearly half a million square feet in Fremont’s Bayside Technology Park. Earlier that summer, Prologis purchased a 177,000-square-foot industrial facility in Fremont for $59 million.
Prologis also made headlines last November by purchasing an 11-building portfolio at Brisbane’s Crocker Industrial Park for $314.5 million from California State Teachers Retirement Fund—marking it as the most expensive Bay Area warehouse and distribution deal of 2025.
Chris Malone Méndez contributed to this report.
