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Cushman & Wakefield Orchestrates Sale of Two Northern California Industrial Buildings

| October 15, 2015 | 0 Comments

Pike Mason 2_edited-1

Cushman & Wakefield National Industrial
9500 W. Bryn Mawr Avenue
Suite 600
Rosemont, IL 60018

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Separate Transactions Garner a Combined $8.9 Million

CONCORD, Calif., October 15, 2015 – In separate transactions, Cushman & Wakefield has completed the combined $8.9 million sale of two light industrial buildings in Concord, comprising two-thirds of a multi-tenant Concord Industrial Portfolio offered for sale. The commercial real estate services firm’s Northern California team of Matt Bracco and Chris Burns represented the seller.

JD Fine & Co. purchased 4095 Pike Lane, a 31,800-square-foot building, for $4.8 million. Constructed in 1981 and situated on 2.5 acres, the building is currently 50 percent leased to Apria Healthcare, a global company that utilizes the site as a call center and distribution of home medical equipment. The buyer, which occupies a 15,000-square-foot building nearby as its headquarters, will utilize the vacant portion of 4095 Pike Lane for the distribution of women’s apparel. JD Fine was represented by Finegold Commercial Real Estate.

“This building provides JD Fine with additional warehouse space needed to accommodate their business growth,” said Bracco. “It also provides the opportunity for further expansion should the other portion of the building become vacant in the future.”

In the second transaction, 140 Mason Circle, LLC has acquired the nearby 28,836-square-foot 140 Mason Circle for $4.1 million. The building, situated on 1.75 acres, is 100 percent leased to seven tenants. Lead tenant DC Solar, also occupies leased space across the street and a significant portion of 140 Mason Circle, as it continues to expand its operations. The buyer was represented by CRS Commercial Real Estate Services in the transaction.

“This is a very tight market with few building purchase opportunities,” said Bracco. “When buildings do become available, there is great demand, as the per-square-foot purchase prices indicate, and they tend to sell very quickly. And as is the case in one of these two properties, most sales in this market involve owner-users purchasing the building.”

The two latest sales leave 4040-4044 Pike Lane, the portfolio offering’s third building, available for sale. Situated on 1.52 acres, the building is leased to Biocare Medical. The portfolio is located in San Francisco’s East Bay, along the I-680 corridor in the northern portion of Contra Costa County.

“The area has a limited supply of buildable land, creating strong barriers to entry,” said Bracco. “It also offers a diverse labor pool and mix of existing tenants. With these factors, low vacancy and the limited owner/user and investor purchase opportunities, we are seeing demand for the remaining building in the offering and expect to make an announcement soon.”

The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.

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About Cushman & Wakefield National Industrial

With local representation nationwide, Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014, globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling 337 million square feet, with an aggregate value of $16.8 billion.

About Cushman & Wakefield

Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield National Industrial, News Releases, Newswire: Latest News

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