An East Bay advanced-manufacturing complex at 38083 Cherry Street in Newark just changed hands for $28.6 million, putting a spotlight on the region's still-hot industrial scene. The single-story Cherry Street Tech Center runs somewhere in the ballpark of 155,000 to 164,000 square feet on roughly 10.6 acres and has been pitched to heavy-equipment and mission-critical manufacturing tenants. The reported buyer, Hines, is adding the site to its growing industrial footprint in Northern California.
According to the San Francisco Business Times, Hines paid $28.6 million for the 38083 Cherry Street property, which is equipped with roughly 8,000 amps of electrical service, a serious draw for high-power users. Marketed as the Cherry Street Tech Center, the property's brochure and listing show about 155,500 square feet of building area on a roughly 10.62-acre lot, per the LoopNet listing. Public commercial databases also spell out parcel and assessor details, including parcel ID and assessed values, on PropertyShark.
East Bay Investors Keep Hunting For Industrial Product
This Newark deal is the latest reminder that institutional money is still chasing Bay Area industrial space, even while broader real estate markets look shaky. Earlier this year, another Newark warehouse was sold in a separate seven-figure transaction, underscoring investor appetite for East Bay logistics and manufacturing sites, according to The Real Deal. Properties that can actually host manufacturing, not just serve as distribution boxes, remain scarce, which helps push up values for buildings with specialized infrastructure.
Why Heavy Power Is A Draw
For tenants doing battery assembly, semiconductor testing, or other power-intensive work, securing large electrical capacity can be a major hurdle. A building that already has thousands of amps in place can shave months off a project timeline and cut down on conversion costs. Hines has shown interest in manufacturing-ready assets before, having previously acquired a dedicated advanced-manufacturing portfolio in Silicon Valley, so this Newark purchase lines up with a broader strategy of targeting mission-critical industrial stock. For investors, buildings that can support technically demanding tenants can translate into steadier and potentially higher-value cash flows.
What’s Next For The Cherry Street Site
Colliers handled marketing for the property, and the LoopNet listing lists brokers Ed Hofer and Casey Ricksen as contacts on the deal and its materials. The new owner has not publicly shared immediate plans for the complex, and current listings suggest the site is still positioned for a single-tenant manufacturing user or a light industrial operator that needs significant power and dock access. Local permitting activity and future tenant announcements will be key signals for how the building ultimately gets put back into use.
The trade at 38083 Cherry Street adds another data point to the East Bay industrial story, where investors continue to pay premiums for scarce real estate that can support advanced manufacturing rather than just basic warehousing. Filings and local notices tied to the sale will be worth watching to see what kind of operation eventually powers up the Cherry Street Tech Center.
