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8/28/24
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Two industrial assets in the Bay Area totaling 266.7k sf of space were acquired for $44.5 mil ($167/sf) by Pac West Equities, an affiliate of Buzz Oates. The warehouse properties, located at 75 and 89 South Kelly Rd in American Canyon, are fully NNN-leased.
The structures are situated on 12.85 acres, spanning across two parcels, roughly 40 miles northeast of San Francisco. The building features include 25 to 30-foot clear heights, concrete tilt-up construction, ESFR sprinklers, ample auto parking and a combined 24 dock-high doors and four grade-level doors.
The building at 89 S Kelly Road is 100% master leased to Dynacraft, BSC Inc – the largest privately held distributer of wheeled goods. The structure at 75 S. Kelly Road is subleased to Valley Wine Warehouse, a local Napa third-party logistics provider (3PL).
The buildings are situated along the CA-29 in Napa County, located in one of the top performing industrial markets in the country. The property is within 75 miles of the four major population centers in Northern California, which contain nearly 12 million residents collectively and yield the highest GDP per capita in the country.
Ryan Sitov and Melinda Marino with JLL Industrial Capital Markets represented the seller and procured the buyer in the deal. They were assisted by JLL’s Glen Dowling, Matt Bracco and Chris Neeb.
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