TA Realty has acquired Green Valley Corporate Park, a 415,107-square-foot industrial park in Fairfield, Calif., for $90.5 million.
Panattoni developed and sold the property, after landing a $19.6 million construction loan, funded by BMO Harris Bank, for two of the buildings last year, CommercialEdge data shows. JLL represented the seller in the transaction.
Spanning 26.5 acres, the newly completed property comprises three buildings ranging from 197,567 square feet to 103,870 square feet with 32-foot to 36-foot clear heights, ESFR fire sprinklers, 2000 amps of electricity power, 51 dock doors, 10 grade-level doors and 392 parking spaces. The industrial asset is 75 percent preleased to Southern Glazer and Landsberg Orora, a beverage distributor and packaging solutions company.
Located at 4550-4750 Business Center Drive, the property is within a mile of Interstate 80 and Interstate 680, offering easy access to San Francisco and the Bay Area, as well as Northern California. Several retail options, such as Safeway, T.J. Maxx and Costco, are within a mile of the asset.
Managing Director Ryan Sitov and Senior Managing Director Mark Detmer worked on behalf of the seller, whereas Senior Managing Directors Glen Dowling and Matt Bracco and Managing Director Chris Neeb were part of the leasing team.
Major Industrial Sales in the Bay Area
In the past months, the industrial sales activity in the Bay Area has been strong, with the closing of several major transactions totaling $1.6 billion. In June, Orton Development sold Ford Point, a 478,761-square-foot industrial property in Richmond, Calif. A joint venture between Madison Capital and Meadow Partners paid $103.7 million for the property.
Another major property traded in July, when a partnership between Intercontinental Real Estate Corp. and Kennedy Wilson paid $84 million for Stockton Industrial Park, an 877,648-square-foot industrial park in Stockton, Calif.