July 20, 2017
Cranbrook Realty Investment Fund, L.P. acquired Benicia Industrial Center, a two-building, 499,512-square-foot industrial center in Benicia, CA, from Equity Office. The sales price was not disclosed.
JLL’s Bay Area and Industrial Capital Markets’ team on the deal included Michel Seifer, Mark Detmer, Rob Hielscher, Bo Mills, Will Connors, Erik Hanson and Ryan Sitov, along with Matt Bracco and Glen Dowling.
“The Bay Area presents significant barriers to entry, and is one of the toughest markets in the country to develop new warehouses,” said Detmer. “Vintage product like this presents the best opportunity for investors to gain access to this competitive market, and offers a great chance to modernize and create excellent value.”
The fully-leased, rail-served complex offers flexible space configurations with dock-high and grade-level loading. Located just off Interstate 680, the site provides access to Interstates 8, 505 and 580, as well as four international airports and two ports.
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