March 1, 2016
Concord-based Garaventa Properties, a family-owned venture, sold a Bay Area, multi-market industrial portfolio to a partnership of Birtcher Anderson Realty and Merced Capital for $63.4-million. The acquisition represents Birtcher Anderson’s initial foray into the Northern California market.
The three properties include 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Properties include:
– Garaventa Park, a 204,726-square-foot property in Concord
– Fairfield Corporate Commons, a 228,133-square-foot property in Fairfield
– Lake Forest Business Park, a 100,832-square-foot property in Folsom
Cushman & Wakefield’s Steve Hermann and Robert Gilley headed the disposition assignment, along with industrial leasing specialists Brooks Pedder and Tony Binswanger, who’ve handled leasing for the properties for more than 25 years.