Prologis Buys Bay Area Industrial Asset

925 Morse Ave. Image via Google Maps

Prologis has paid $23.5 million for an industrial facility totaling roughly 25,000 square feet in Sunnyvale, Calif., Santa Clara County records show. The family-owned property has traded for the first time since 1979.

The industrial complex was home to the 1935-founded Overnite Transportation, and was later acquired by UPS Freight, the global shipping and logistics company. The freight forwarding service has since then closed this location.

Completed in 1972, the two-building facility sits on 2.8 acres at 925 Morse Ave., provides easy access to U.S. Route 101 and is less than a mile from California State Route 237. The property is some 2 miles northeast of LinkedIn’s global headquarters, that the tech giant purchased in July for $323 million. Norman Y. Mineta San Jose International Airport is roughly 7 miles away.

While supply chain issues can pose challenges to the industrial sector, sales volume has exceeded $41 billion in the first three quarters of the year, according to CommercialEdge data. As of September, sales totaled $1.5 billion within the Bay Area, with a $221.71 sale price per square foot, more than double the national figure.