Transaction Ranks among North Bay’s Largest-Ever Wine Leases
VACAVILLE, Calif. (June 25, 2019) – Cushman & Wakefield announced today that 24Seven Enterprises, a leading edge logistics and distribution solutions company, will soon be taking occupancy of 404,950 square feet of warehouse/distribution space at the North Bay Logistics Center in Vacaville, California. Signed earlier this year, 24Seven, the parent company to VINGO, LLC and recently acquired Pack n’ Ship Direct, agreed to a long-term lease for its new facility that will house the operations for the two business lines.
Owned by LDK Ventures, the North Bay Logistics Center is located at 700 Crocker Drive and features more than 843,000 sf of contiguous warehouse in Vacaville, a growing distribution hub, and ranks among the largest single-building distribution facilities in Northern California.
Brooks Pedder, SIOR, John McManus, CCIM, and Tony Binswanger, SIOR with Cushman & Wakefield represented the landlord in the transaction, with Pedder and Scott Bertrand also of Cushman & Wakefield representing the tenant.
Officially merging last November, VINGO just announced in June that the teams of Pack n’ Ship Direct and VINGO, both leaders in the wine fulfillment space, are now fully integrated. Though they service different clients, they have also partnered together on various projects. Pack n’ Ship Direct’s focus has been on “white glove” service for wineries in California, Oregon and Washington. VINGO’s focus was with high-volume, high-growth, e-commerce clients who require a more nationwide presence. 24Seven Enterprises sited being able to provide greater economies of scale and a broader portfolio of services as two main catalysts for the union.
In their prepared statement, Edmund Delaney, VINGOs Chief Revenue Officer, had said; “We are extremely excited about the next phase of our growth. This merger was a natural “next step” for us and our long time partners – Pack n’ Ship Direct. It provides us the scale to execute for our customers at a level not yet seen. We look forward to delivering elevated service and value to our customers of every size and across the country.”
Brooks Pedder, Managing Principal, Executive Managing Director with Cushman & Wakefield’s East Bay and Tri-Valley offices, said, “This was a strategic move for 24Seven to position themselves along Interstate 80 to better access outbound markets, but while keeping operations in close proximity to Napa. The Napa market is currently impacted with product scarcity.”
Pedder added, “Per our tracking, this transaction ranked as the largest wine lease in all Solano County and among the largest-ever wine leases in the entire North Bay Area.”
The 843,000-sf North Bay Logistics Center is situated on a 124-acre property along Interstate 505, which also features an additional 600,000-sf of planned warehouse. Serena & Lily occupies the remaining 434,000 sf in the existing building. Pedder noted, “Formerly the Save Mart distribution center, this second generation former grocery distribution center and extra land for development marks the beginning of the next chapter for industrial development in the East Bay.”
Representing their first project in the City of Vacaville, LDK Ventures—with PCCP, LLC as an equity partner— had acquired the North Bay Logistics Center in October 2017. The LDK team has significant experience in the development of master-planned communities, “brownfields,” adaptive reuse, mixed-use and industrial projects. LDK also has a history successfully acquiring value-add and distressed real estate investment opportunities. PCCP, LLC is an established investment manager that provides commercial real estate debt and equity capital solutions throughout the United States.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.
About LDK Ventures
LDK Ventures, LLC (LDK) is an entrepreneurial real estate development and investment company. The LDK team has significant experience in the development of master-planned communities, “brownfields,” adaptive reuse, mixed-use and industrial projects. LDK also has a history of successfully acquiring value-add and distressed real estate investment opportunities. LDK Ventures provides acquisition and development services, asset management, construction management and property management for all LDK development projects and investments. LDK Ventures is based in Sacramento, CA and is operated by Larry Kelley and his son, Denton Kelley, and is owned by the LDK Ventures executive team. For more visit http://ldkventures.com/
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.4 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.