Even whereas industrial actual property deal-making through the second yr of the coronavirus pandemic was ramping again up, the North Bay noticed some sizable lease and sale transactions. A few of them have been the biggest in over a decade.
Listed below are highlights from Marin, Napa, Sonoma and Solano counties.
Two San Francisco actual property buyers in December bought the biggest portfolio of North Bay industrial actual property in 16 years, shifting the unwinding of a Novato-based funding firm’s Ponzi scheme into a brand new chapter.
Hamilton Zanze Actual Property Investments and affiliated industrial property agency Graham Avenue Realty along with New York-based Davidson Kempner Capital Administration purchased 60 of upward of 70 properties that have been the spine of the late Ken Casey’s firms Skilled Monetary Buyers and Skilled Buyers Safety Fund.
The deal worth for the greater than 1.4 million sq. ft of economic and multifamily house in Marin and Sonoma counties was $436.5 million. That features 935 residential models and about 680,000 sq. ft of principally class B workplace and different industrial house. The transaction netted roughly $140 million to the chapter property, after lots of the banks that had senior fairness positions on the properties had been paid in full.
Hamilton Zanze plans over $10 million in renovations to the properties.
Matt Storms of Keegan & Coppin Co. Inc. labored with FTI Consulting on the advertising of the portfolio.
Two of Marin County’s greatest leases the previous 12 months have been by two new firms in its rising wellness and life sciences cluster.
One deal was practically 15,000 sq. ft for Helix LLC at 161 Mitchell Blvd. in San Rafael.
The opposite lease was a part of six offers for 60,000 sq. ft at Shoreline Workplace Middle in Mill Valley, greater than filling up the 45,000 sq. ft that Glassdoor vacated final yr in its consolidation transfer of Bay Space places to San Francisco. Amongst these leases was Jyzen Labs, which expanded to 18,273 sq. ft there. Set to open subsequent month, the “bio-optimization middle” employs “biohacking” approaches from integrative well being, biometrics, intravenous remedy and “tissue-based physique work.” It’s a collaboration between Mark Hinds, Dr. Beth McDougall of Clear Middle of Well being and Cindy Reynolds of NeuroFit Marin.
The opposite tenants have been Membership Evexia wellness middle, Each Man Jack male-oriented private care merchandise, OBE Worldwide advertising company and Cypress Level Funding Administration.
Alisa Belew and Haden Ongaro of Newmark represented Jyzen Labs and Shoreline proprietor Basin Avenue Properties within the lease deal.
Two of the largest industrial transactions in Napa County, not surprisingly, concerned its largest trade: wine.
M7 Wine Options leased the practically 80,000-square-foot newly constructed Constructing H at 502 Devlin Street in Napa Commerce Middle. The south Napa undertaking is being developed by NCC Enterprise I LLC, led by Kraemer Land Firm, Cardinal Growth and the Pigman Corporations LLC. Glen Dowling, Matt Bracco and Chris Neeb of JLL have been the itemizing brokers.
And Madera-based G3 Enterprises, which gives a variety of trade providers, from grape and wine hauling to packaging manufacturing, bought DeSemoni Properties’ practically 250,000-square-foot warehouse at 1000 Inexperienced Island Street in American Canyon. Trade sources put worth of the November transaction at $36 million, or $144 per sq. foot.
The biggest Solano County industrial constructing sale previously 12 months was subsequent door in Vacaville to the biggest one which modified fingers the earlier yr. On March 15, TGA Halfway Distribution Middle LLC, led by Nuveen Actual Property, bought 4800 Halfway Street, a newly accomplished practically 618,000-square-foot sortation middle warehouse for Amazon at NorthBay Logistics Middle.
It bought for $110.5 million, which was a file excessive worth for a single industrial constructing in Solano or Napa counties, in line with Colliers Worldwide.
Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield listed the property for proprietor 700 Crocker II Proprietor LLC. The 843,000-square-foot 700 Crocker Street constructing bought to DRA Advisors in late 2020 for $88.5 million.
A key giant Solano lease was wine and beverage packaging provider Owens Corning’s lease of the newly constructed 252,423-square-foot LogistiCenter at Vacaville distribution middle at 2121 Icon Approach.
Two of the largest industrial property offers in Sonoma County additionally would have concerned Amazon. However in March the e-commerce large put a deliberate 181,000-square-foot facility close to Sonoma County airport on maintain and dropped its intention to lease the 250,000-square-foot Victory Station property close to Sonoma.
Past these, electrical tractor maker Solectrac and architectural plastics producer MILwright tied for prime offers. Fueled by new possession and increasing nationwide distribution, Solectrac leased 36,000 sq. ft at 5600 Earhart Courtroom. MILwright in March relocated its manufacturing from Sebastopol to 35,800 sq. ft at 3810 Cypress Drive in Petaluma.
Jeff Quackenbush covers wine, building and actual property. Earlier than coming to the Enterprise Journal in 1999, he wrote for Bay Metropolis Information Service in San Francisco. Attain him at email@example.com or 707-521-4256.