NorCal Industrial Portfolio Sells For $63.4M
Birtcher Anderson Realty and Merced Capital paid $63.4M to purchase an industrial portfolio totaling 533,700 SF from Garaventa Properties, Cushman & Wakefield reports.
The portfolio includes three properties in the San Francisco Bay Area and Greater Sacramento, with 18 industrial, flex and office buildings that are 85% leased to more than 30 tenants. It includes Fairfield Corporate Commons, above.
The purchase marks Birtcher Anderson’s expansion from Southern California into Northern California. Cushman & Wakefield capital market specialist Steve Hermann says the partnership "will be able to take advantage of strong economic and market fundamentals to leverage the existing stability and capitalize on the upside potential” with this transaction. There has been strong demand for industrial space this year.
All three properties are desirable business park environments with superior construction standards, freeway access and nearby amenities, says industrial leasing specialist Brooks Pedder. “Each features a thoughtful design that continues to meet local demand.”
Steve and Robert Gilley headed the disposition assignment with Brooks and Tony Binswanger. Terry Daly from the firm’s financial services group placed the debt for the buyer. Brooks and Tony will remain as leasing agents, and Cushman & Wakefield will assume property management under the new ownership.
