Bay Area industrial facility sells for $50.13M
JLL Capital Markets closed the sale of the Richmond facility leased to a beverage distribution company
SAN FRANCISCO, November 16, 2020 – JLL Capital Markets announced today that it has closed the $50.13 million sale of a light industrial warehouse and office facility totaling 267,500 square feet and triple-net leased to a beverage distribution company in the East Bay community of Richmond, California.
JLL marketed the property on behalf of the seller, TJL Properties, LP. An institutional investor purchased the asset.
The property is situated on 12.29 acres at 700-702 National Court, which is an infill, last-mile location within the high barriers-to-entry Bay Area’s East Bay Industrial market. The property is less than 20 miles from San Francisco’s urban core and within a 90-minute drive to major air and seaports, including the Port of Oakland and San Francisco and Oakland and San Jose International Airports. Additionally, the property has easy access to Richmond Parkway and Interstate 580.
700-702 National Court comprises one 250,500-square-foot industrial warehouse and 17,000-square-foot office building. The industrial property features a 22-foot clear height and 15 dock-high, two grade-level and four rail doors.
The JLL Capital Markets team representing the seller was led by Senior Director Ryan Sitov, Managing Director Tony Beatty, Senior Managing Director Mark Detmer and Analyst Andie Fezell.
“This is an excellent infill investment opportunity in a Tier I market,” Sitov said. “There is insatiable investor demand for industrial product in the East Bay.”
“The property’s central Bay Area location, freeway frontage and access to key transportation infrastructure will drive occupancy,” Beatty added.
The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.