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10/19/15
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Two light industrial buildings in the Bay Area city of Concord sold in separate transactions with a combined price tag of $8.9 mil. The buildings, which comprise two-thirds of a multi-tenant Concord industrial portfolio that was put on the market, were sold by a single seller. Matt Bracco and Chris Burns of Cushman & Wakefield represented the seller in both deals.
In one of the deals, JD Fine & Co purchased a 31.8k sf building at 4095 Pike Lane for $4.8 mil ($151/sf). Constructed in 1981 and situated on 2.5 acres, the building is currently 50 percent leased to Apria Healthcare, a global company that utilizes the site as a call center and distribution of home medical equipment.
The buyer, which occupies a 15k sf building nearby as its headquarters, will utilize the vacant portion of 4095 Pike Lane for the distribution of women’s apparel. JD Fine was represented by Finegold Commercial Real Estate.
In the second transaction, 140 Mason Circle LLC has acquired the nearby 28.8k sf building at 140 Mason Circle for $4.1 mil ($142/sf). The building, situated on 1.75 acres, is 100 percent leased to seven tenants. Lead tenant DC Solar also occupies leased space across the street along with a significant portion of 140 Mason Circle, as it continues to expand its operations. The buyer was represented by CRS Commercial Real Estate Services in the transaction.
“This is a very tight market with few building purchase opportunities,” said Bracco. “When buildings do become available, there is great demand, as the per-square-foot purchase prices indicate, and they tend to sell very quickly. And as is the case in one of these two properties, most sales in this market involve owner-users purchasing the building.”
The two latest sales leave 4040-4044 Pike Lane, the portfolio offering’s third building, available for sale. Situated on 1.52 acres, the building is leased to Biocare Medical. The portfolio is located in San Francisco’s East Bay, along the I-680 corridor in the northern portion of Contra Costa County.
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