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June 22, 2024
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NoCal Industrial Portfolio Sells for $63 Mil


A partnership of Birtcher Anderson Realty and Merced Capital acquired a three-project, 533.7k sf industrial portfolio in Northern California for $63.4 mil, or $119/sf. The assets, located in Concord, Fairfield and Folsom, were sold by Garaventa Properties, a family-owned venture.

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 Avenue 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.

Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger of Cushman & Wakefield represented the seller in the transaction. Terry Daly, with C&W’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.”

Pedder added that the properties through the years have attracted a diverse user base including government, media, healthcare, education and insurance entities, among others. “All three assets offer desirable business park environments and superior construction standards, along with immediate freeway access and proximity to amenities,” Pedder noted. “Each features a thoughtful design that continues to meet local demand.”

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