Link Logistics Closes $88M Bay Area Portfolio Sale
All nine facilities are located within Benicia Industrial Park, along Interstate 680.
NorthPoint Development has paid $87.5 million for a 534,550-square-foot, nine-building industrial portfolio in Benicia, Calif., within the Bay Area.
Link Logistics is the seller of all assets, according to Yardi Matrix information. CBRE represented the company and arranged acquisition financing on behalf of the buyer.
The portfolio was fully leased to 19 tenants at the time of the sale, with companies occupying the properties for an average of nearly 15 years. The facilities have an average remaining lease term of 3.4 years, with below-market rents and staggered lease expirations.
The collection comprises three industrial campuses:
- Benicia Commerce Center I, including three buildings totaling 157,987 square feet at 6600 Goodyear Road
- Benicia Commerce Center II, encompassing four facilities totaling 220,549 square feet at 6200 Goodyear Road
- Two buildings totaling 155,014 square feet at 5301 and 5341 Industrial Way, within Benicia Industrial Park
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Completed in 1989, buildings at Benicia Commerce I include 20- to 24-foot clear heights, an office component and 318 parking spots. Benicia Commerce Center II came online in 1996, with facilities featuring 18- to 28-foot clear heights and 441 parking spots.
The two-building campus at Industrial Way was built in 1990 and comprises facilities with 22- to 24-foot clear heights, 11 dock-high doors combined and 171 parking spots. All properties within the portfolio include a mix of dock-high and grade-level loading.
All nine infill structures occupy 28 acres combined and are within 1 mile of each other. The collection is situated along Interstate 680, providing access to the Benicia-Martinez Bridge. Benicia’s location immediately north of the bridge provides connectivity to major population and employment centers across San Francisco, Oakland, Calif., the Central Valley and Sacramento.
The portfolio is also located in an area with connections to interstates 80 and 780, supporting connections to the broader Bay Area. Oakland San Francisco Bay Airport, the closest major commercial airport, and San Francisco are both 40 miles away.
Additionally, the collection is clustered within Benicia Industrial Park, a roughly 3,000-acre business and employment district serving as the largest and oldest campus in Solano County and the largest port-based park in Northern California. Buildings in the area total more than 7 million square feet. These properties are occupied by a mix of manufacturing, logistics, distribution, steel fabrication, biotechnology, petroleum refining and other industries, reflecting broader industrial market trends favoring infill locations with access to dense urban centers.
CBRE’s Vice Chairmen Rebecca Perlmutter and Brooks Pedder, Executive Vice Presidents Brian Russell and Tony Binswanger, together with First Vice President Bo Harkins negotiated on behalf of Link Logistics. Vice Chairmen Steven Roth, Val Achtemeier and David Milestone with CBRE’s Capital Markets’ Debt & Structured Finance team arranged the financing on behalf of the buyer.
Bay Area industrial prices surge
The Bay Area’s industrial sector maintained strong fundamentals during the first six months of 2026, according to a Yardi Matrix industrial report. In-place rents averaged $14.85 per square foot in June, above the $9.20 national average. Vacancy stood at 10.1 percent in the metro, above the 9.1 percent national rate, while rents on newly signed leases averaged $2.15 per square foot more than the metro average. This made the Bay Area one of only five major industrial markets with leasing spreads exceeding $2 per square foot.
Investment activity in the Bay Area totaled $1.3 billion, while properties sold at $318 per square foot on average—the highest pricing among the major industrial markets tracked by Yardi Matrix and more than double the $141 per square foot national average. Transactions in Fremont, Calif., contributed to this increase. The submarket saw $402.5 million in sales as of June, with properties selling at $447 per square foot.
A deal propelling this trend is Tishman Speyer’s $93 million purchase of a 253,440-square-foot campus. BlackRock sold the facility in January.
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