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7/08/15
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Here’s the scoop on a recent East Bay industrial lease comp, as HelloFresh Inc agreed to an eight-year, $13 mil deal for a 109.6k sf ($1.24/sf/mo) freezer distribution facility in Richmond. Built in 2000 and expanded in 2005, the Class A building is situated on 7.62 acres at 2041 Factory St, just off I-580.
The building features a 47-foot clear height freezer; abundant trailer storage; a 100-foot deep refrigerated dock staging area; and the capacity to store upwards of 10 million pounds of frozen product or 9,012 pallet positions. Additionally, the property includes an on-site U.S. Department of Agriculture (USDA) room and offers the ability to expand the current facility by up to an additional 50k sf.
Avison Young Principal Kevin Ahaesy and Associate JW Krumpholz represented the building ownership, Highridge Provender LLC, a SoCal-based real estate investment firm. Ahaesy and Krumpholz represented Highridge Provender on its purchase of the asset in December 2014, which was delivered vacant and formerly occupied by Richmond Wholesale Meats. HelloFresh, a growing meal-delivery service, was repped by Colliers International.
“This property offered HelloFresh a prime opportunity to take its successful company to the next level as the combination of the building’s strategic, central Bay Area location and state-of-the-art features met all of the requirements to effectively serve the tenant’s present and future needs,” comments Ahaesy.
Krumpholz adds: “There are only about five food-grade buildings comparable to 2041 Factory Street in all of Northern California. This niche property market is very tight and it is very rare for facilities like this to become available as tenants tend to stay put for the long term.”
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