By Jon Peterson
San Francisco-based DivcoWest has closed on the sale of two industrial assets in American Canyon located at 300 and 400 Boone Drive. The total sales price on these two properties is $158.9 million, as stated in public documents reviewed by The Registry referencing the transfer tax and price of acquisition. There was no indication in this document who the new owner of the properties is.
DivcoWest declined to comment when contacted for this story. The sales price on both properties comes in at $287 per square foot.
300 Boone is a property that has a long-term lease with Amazon. This property has a total area of 201,950 square feet. The lease with Amazon was completed during the summer of 2020. This building is used by Amazon as a last-mile distribution facility. The idea for the warehouse was to have room for 1,170 delivery vans and 409 employees.
400 Boone is a 350,000 square foot warehouse facility that is fully leased to the Biagi Brothers, a wine logistics company. This property is equipped with 30 dock doors and six rail car spots, according to the tenant’s website. This building offers full-service 3PL, warehousing, distribution and transportation services.
Both properties that were sold are located within the 218-acre Napa Logistics Center development. DivcoWest and its development partner Lafayette-based Orchard Partners have been involved in the project.
DivcoWest had invested in the overall project for its commingled fund DivcoWest Fund IV, according to public records. The real estate investment firm had raised $976 million for the fund with a final close that took place in May 2014. It had support from at least two public pension funds based in Northern California. These were a $100 million commitment from the California State Teachers Retirement System and $50 million from the San Francisco Employees Retirement System.
This fund, according to published reports, sold another property in the Napa Logistics Center in November of 2018. That was the IKEA-leased warehouse located at 1 Middleton Way. DivcoWest sold the property at the time to an entity associated with RREEF Property Trust, or DWS. The Chicago-based entity paid $91 million, or $141 per square foot, for the 644,000 square-foot property.