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9/25/18
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In a recent NoCal industrial buy, Sarkissian Trust has purchased a fully leased, 63k sf flex/R&D building in Solano County for $12 mil ($190/sf). The facility is 100% occupied by Bio-Rad Laboratories. Sarkissian Trust acquired the property from Benicia Partners LLC.
The single-story building located at 5500 E. 2nd St, within the Benicia Industrial Park in the city of Benicia. Situated on just over four acres, the building provides excellent access to critical transportation arterials such as Interstates 80 and 680 and Highway 4, which offer strong product distribution and labor access capabilities.
Brooks Pedder, SIOR, Douglas Longyear, SIOR, and Tony Binswanger, SIOR, with Cushman & Wakefield represented both the buyer, with whom they’ve had a close relationship for nearly 30 years.The team also repped the seller in the transaction.
“This was a strong investment property leased to a longstanding, industry-leading tenant who is also one of the largest employers in the Benicia Industrial Park—the largest port-oriented industrial park in Northern California that serves home to several major companies across a gamut of industries,” Pedder noted. “Bio-Rad Laboratories has operated out of this facility for more than two and a half decades, and continuously renewing its term over that span has proven its commitment to this facility. In addition, the company also fully leases the neighboring building while their corporate headquarters sits just 15 miles east in the nearby city of Hercules.”
Binswanger added, “The location is also proximate to large potential labor pools coming from UC Davis and UC Berkeley, and other educators. Its desirability is further demonstrated by its position in one of the strongest biotech regions in the world, the San Francisco Bay Area.”
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