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3/01/16
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A partnership of Birtcher Anderson Realty and Merced Capital has acquired a 533.7k sf NoCal industrial portfolio from Garaventa Properties, a family-owned venture, for $63.4 mil ($119/sf). The portfolio consists of three projects in Concord, Fairfield and Folsom.
The multi-market portfolio is located in the San Francisco Bay Area and Sacramento suburbs. It includes the 204.7k sf Garaventa Park on Sprig Court and Bates Ave in Concord; the 228.1k sf Fairfield Corporate Commons on Campus Lane and Executive Court in Fairfield; and the 100.8k sf Lake Forest Business Park on Woodmere Rd, Blue Ravine Rd and Lake Forest Way in Folsom.
The properties include 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. The acquisition represents Birtcher Anderson’s initial foray into the Northern California market. The company is a well-established and respected owner of flex properties in Southern California.
The properties through the years have attracted a diverse user base including companies involved in government, media, healthcare, education and insurance, among others. All three assets offer desirable business park environments and superior construction standards, along with immediate freeway access and proximity to amenities.
Steve Hermann and Robert Gilley of Cushman & Wakefield headed the disposition assignment, along with C&W’s Brooks Pedder and Tony Binswanger; Terry Daly from the firm’s financial services group placed the debt for the buyer. Pedder and Binswanger, who have served as leasing agents for the properties for more than 25 years, have been retained to continue their role. Cushman & Wakefield also will assume property management under the new ownership.
“With multiple product types, strategic locations and exceptional access, this portfolio provided an outstanding opportunity to acquire a critical mass of high-quality real estate in Northern California,” Hermann said. “The Birtcher Anderson/Merced partnership will be able to take advantage of strong economic and market fundamentals to leverage the existing stability and capitalize on the upside potential.”
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