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June 14, 2024
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Historic Ford Point R&D Campus in Richmond Sells in $104 Mil Deal


Ford Point, a historic 478.8k sf, high-end creative R&D asset in Richmond, CA, was acquired by New York-based Madison Capital and Meadow Partners in a $103.7 mil ($217/sf) transaction. The landmark waterfront property was sold by owner/developer Orton Development.

The property is located at 1414 Harbour Way S, next to the Richmond Ferry Terminal off I-580. It was 83% leased at sale to a strong roster of corporate tenants including SunPower (NYSE:SPWR), Mountain Hardwear (NASDQ:COLM), and California Closets among others.

Orton Development purchased the long dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive, $40 mil renovation of the entire building, installing all new building systems and undertaking an extensive seismic upgrade. Since 2008, an additional $11.3 mil has been invested in an upgraded roof, electric vehicle charging stations, asphalt repaving, and a one mega-watt rooftop solar system.

Ford Point’s distinct features include a brick façade, factory-style windows and skylights that allow for day-lit spaces, and a south facing sawtooth roof that houses a one-megawatt solar system. Located adjacent to the building is the recently completed Richmond Ferry terminal. Ford Point also provides views of San Francisco, the Bay Bridge, Oakland, and Berkeley.

Cushman & Wakefield’s Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell represented the seller in the transaction. C&W’s Keith Padien arranged the financing on behalf of the buyer, and C&W’s Ted Anderson, Andrew Schmieder and Ryan Hattersley have been retained to continue leasing the project.

“We were drawn to this opportunity by the asset’s prominent waterfront location, robust power supply, high ceiling heights, expansive parking area, and potential to create a dynamic best-in-class R&D facility in one of the East Bay’s fastest growing submarkets,” said Jonathan Nachmani, Madison’s Managing Director and Head of Acquisitions. “Our capital improvement program will respond to the shortage of premium R&D space that is most in demand and will attract many of the Bay Area’s most innovative users.”

Designed in 1930 by renowned architect Albert Kahn, Ford Point was built as the Ford Motor Company Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center.

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