RK Logistics Group's deal to take 210,000 square feet at the Frontier Elm Business Center brought the development's occupancy up to 100% and signaled that Link Logistics' bet on the speculative development paid off.
The new tenant, a national logistics provider based in the East Bay, inked its lease at the $50 million project before construction even wrapped, helping the agreement earn a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The project, situated within a hotbed for logistics space with nearby tenants such as Tesla, Boston Scientific and Delta Electronics, is expected to be completed later this year.
RK Logistics provides warehouse and supply chain management services and just opened over one million square feet of space in neighboring Hayward. The logistics company was just beat out by Tesla for the largest lease of the year, when the electric car company took 210,000 square feet at the same location that owned by Link Logistics.
About the project: RK Logistics leased 209,000 square feet of warehouse space at the Frontier Elm Business Center at 47020 Kato Road. The center is owned by Link Logistics and expected to be completed later this year.
What the Judges Said: "In this market condition, it's great to see expansion, especially into new construction," said Kelly Yoder, director at Cushman & Wakefield.
They Made it Happen: Colliers Executive Vice Presidents Edward M. Hofer and David V. Schmidt and Vice President Emerson Hofer; and Jon Cook, principal at Townsend Commercial Real Estate.
CoStar Senior Market Manager Ashley McClain contributed.