CBRE has arranged the $87.5-million sale of a nine‑building, 534,550‑square‑foot industrial portfolio located in the Benicia Industrial Park in the San Francisco Bay Area to NorthPoint Development. Included in the sale We Benicia Commerce Center I & II at 6200–6850 Goodyear Rd and Benicia Industrial Way at 5301–5341 Industrial Way in Benicia.
Rebecca Perlmutter and Brian Russell of CBRE National Partners West, along with Tony Binswanger, Bo Harkins and Brooks Pedder with CBRE’s Walnut Creek office, represented the undisclosed seller. Steve Roth, Val Achtemeier and David Milestone with CBRE Capital Markets’ Debt & Structured Finance arranged the buyer’s financing.
The portfolio of two infill locations is fully leased to 19 diverse tenants. The properties feature below-market rents, staggered lease expirations and a weighted average lease term of 3.43 years. Tenants have occupied the park for an average of nearly 15 years.
“This is the highest quality industrial product in Benicia with a rare combination of scale, dock high loading, and embedded growth within one of Northern California’s most supply-constrained industrial markets,” said Perlmutter.