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6/09/16
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A 260k sf industrial project in Sonoma County is slated to break ground this summer. The $32 mil, ground-up project is a joint venture of Washington Capital Management and VSP LLC.
The 20-acre property sits at the corner of 8th Street East and Hwy 12, at the Sonoma County line. Steven Leonard, Brian Foster and Niels von Doepp of Cushman & Wakefield’s Larkspur office are handling the leasing assignment.
“The vacancy rate for Class A warehouse/distribution product in the City of Sonoma and in surrounding unincorporated areas is essentially zero,” Leonard said. “With strong local demand, especially from tenants in the wine and wine-related products businesses, we are already seeing significant interest in this new opportunity. The property is well positioned to achieve 100 percent lease-up well before its delivery in early 2017.”
Leonard noted that a lack of industrial space in Sonoma County continues to drive vacancies down and pricing up. “We have seen a 20 to 25 percent jump in rental rates over the past 18 months,” he said. “Fundamentals are justifying new construction, and within that context the Washington Capital/VSP project reflects the development community’s confidence in this marketplace. In turn, the addition of modern, Class A product will fill a real need here.”
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