By Kate Snyder
Berkeley Partners is adding to recent sales activity in Richmond with the acquisition of an industrial property along Marina Way South. Earlier this year, the San Francisco-based firm bought a 64,029 square foot industrial building located at 1387-1401 Marina Way South in Richmond for $17 million, according to a third quarter Oakland industrial report recently released by CBRE. According to public records, the seller was an entity affiliated with Marina Westshore Partners LLC.
The single-story building was constructed in 1991 with concrete tilt walls and is served by 10 grade-level doors, according to Berkeley Partners’ website. The acquisition was part of a portfolio deal which also included a more than five acre parcel next to the building.
Berkeley Partners is a fully integrated principal investment firm focused exclusively on light industrial real estate, according to the firm’s website. Since 2005, its affiliates have sponsored a series of investment vehicles dedicated to the light industrial sector.
Other Richmond industrial real estate activity has included several leases and sales recorded in the past six months. In June, Cushman & Wakefield announced that New York-based Madison Capital and Meadow Partners acquired a high-end advanced manufacturing and R&D waterfront industrial property at 1414 Harbour Way S for $103.7 million, according to The Registry’s previous reporting. At the same site, Moxion Power – a Y Combinator backed, vertically integrated manufacturer of mobile energy storage systems – leased 130,000 square feet.
According to the CBRE report, interest rates, construction costs and inflation remain challenges but rental growth and new leases continue to validate the strength of the Bay Area industrial market. Some key highlights include a highly diverse tenant base in the Bay Area that has led to healthy market activity, rent growth that has continued across new construction and rent growth that will remain steady on 2nd or 3rd generation Class A and B warehouse space.