From the San Francisco Business Times – May 8, 2014
Futuris Automotive Inc., a supplier to Tesla Motors, just inked a deal with Prologis for 160,000 square feet of office and industrial space at 6601 Overlake Place in Newark.
The company, based in Long Beach, wanted to be closer to Tesla’s operations in Fremont, a city that totally surrounds Newark.
Futuris’ building sits on 10.9 acres with visibility from Highway 84. It consists of 35,000 square feet of office and the rest is industrial.
“As Tesla production is ramping up, it’s great that some of their suppliers are going to be in Newark,” said Terrence Grindall, assistant city manager in Newark.
The building makes up part of the Prologis Overlake Industrial Center and previously housed a Staples distribution center that moved to Stockton a couple of years ago.
Grindall said Futuris is a great fit for the building.
The deal is the seventh industrial lease larger than 100,000 square feet along the Interstate 880 corridor so far this year.
“Leasing momentum for large warehouses has picked up significantly in the first quarter and we anticipate the trend to continue into the remainder of the year,” said Greig Lagomarsino, a broker with Colliers International who represented Prologis along with Mark Maguire and Kevin Hatcher, all of Colliers’ Oakland office.
Jason Ovadia and Greg Matter of JLL represented the tenant in the deal.