A partnership between Madison Capital and Meadow Partners has acquired Ford Point, a historic 478,761-square-foot industrial property in Richmond, Calif., for $103.7 million. Orton Development sold the asset after an almost two-decade ownership. In 2004, Orton purchased the waterfront facility and, since then, the company has invested a total of $51.3 million in renovations and upgrades.
The new owners were interested in this investment due to the property’s location, high ceiling heights, robust power supply and ample parking area, seeking to create a dynamic R&D facility in this fast-growing East Bay submarket. The supply-constrained R&D market will likely attract innovative tenants at the property, according to a prepared statement from Jonathan Nachman, managing director & head of acquisitions at Madison Capital.
At the time of the sale, Ford Point was 83 percent leased to a corporate tenant roaster that included Mountain Hardwear, SunPower, California Closets, Best Line and Ekso Bionics, among others.
Executive Managing Directors Seth Siegel and Steve Hermann, Managing Director Ryan Venezia and Executive Director Rick Ryan, alongside Directors Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the transaction. Siegel also assisted Madison Capital and PGIM last year in the sale of 360 Spear, a 173,907-square-foot property in San Francisco, which traded for $165.5 million.
Executive Managing Director Keith Padien arranged the financing, whereas Executive Managing Director Ryan Hattersley, along with Directors Ted Anderson and Andrew Schmieder, will handle leasing efforts at the property.
A historic East Bay landmark
Originally designed by architect Albert Kahn and built in 1930 as a Ford Motor Co. assembly plant, Ford Point spans almost 23 acres and comprises a Class B, two-story building with floorplates that vary from 161,000 square feet to 316,000 square feet, a brick façade, factory-style windows, as well as 1,908 parking spaces. Throughout the years, Orton renovated the entire building by upgrading the roof and adding electric vehicle charging stations, as well as a one-megawatt solar system.
Located at 1414 Harbour Way S., the property is within walking distance of the Richmond Ferry terminal and less than a mile of Interstate 580. Ford Point provides views of San Francisco, the Bay Bridge and Oakland, all within a mile of several dining and retail options.