By Evelyn Jozsa
A joint venture of PCCP and LDK Ventures has purchased North Bay Logistics Centers, a vacant 843,248-square-foot cross-docked industrial building in Vacaville, Calif., for $35 million. Cushman & Wakefield has advised LDK Ventures on the acquisition and represented the seller as well.
The asset sits on approximately 75 acres of land at 700 Crocker Drive and it features 30-foot clear height throughout most spaces, a secured, gated site with guard shack, excess yard area, a three-bay truck maintenance on-site facility and a 30,000-square-foot cross-dock sorting facility with 32 dock-high doors.
The new owner will implement a capital improvement plan to make the facility attractive to Bay Area tenants. Developer LDK Ventures cooperated with PCCP before. The finance and management firm arranged a construction loan for Bay Area Logistics Center in the Interstate 880 Corridor industrial market last year.
The industrial building at 700 Crocker Drive is directly north of the intersection of interstates 505 and 80. Also, I-505 is connected to I-5, which provides direct access to Northern California, Oregon and Washington. Vacaville is the northernmost city within the San Francisco Bay Area, halfway between Sacramento and San Francisco on I-80.
“The Bay Area industrial market has sub-five percent vacancy and is extremely supply-constrained. Our venture with a best-in-class industrial operator looks forward to renovating this highly functional industrial building that will provide affordable large block spaces to Bay Area industrial tenants,” said Jim Galovan, partner with PCCP, in prepared remarks.
Image courtesy of PCCP