The seller, Bay Area Beverage Co., acquired the asset in 2004, for $8.8 million.
Exeter Property Group has acquired an industrial facility, totaling 267,500 square feet, in Richmond, Calif. JLL represented the seller, Bay Area Beverage Co., in the $50.1 million sale-leaseback transaction. The property is triple-net leased to the beverage company. According to Yardi Matrix, the tenant acquired the asset in 2004, for $8.8 million.
Built in 1965, the facility consists of a 250,500-square-foot warehouse and a 17,000-square-foot office building. The industrial part features a 22-foot clear height and 15 dock-high, two grade-level and four rail doors.
Located at 700-702 National Court, on 12 acres, the property is just off Interstate 580. The facility is within 13 miles of the Port of Oakland and 21 miles of Oakland International Airport. Downtown San Francisco within 17 miles of the asset.
The JLL team representing the seller included Senior Director Ryan Sitov, Managing Director Tony Beatty, Senior Managing Director Mark Detmer and Analyst Andie Fezell. In January, Detmer represented the seller of Lear Industrial Center, a four-building business park encompassing 1.4 million square feet in Reno. Nev. Clarion Partners paid $117.3 million for the asset.