Landmark waterfront property recently acquired by Madison Capital and Meadow Partners sees strong leasing momentum with Cushman & Wakefield led leasing team
RICHMOND, Calif., – October 5, 2022 – Ford Point, a historic 478,761-square-foot Advanced Manufacturing and R&D industrial waterfront property in Richmond, California has leased 130,000 square feet to Moxion Power, a Y Combinator backed, vertically integrated manufacturer of mobile energy storage systems. The lease represents a sizable expansion at the property for the Richmond-based company.
Abutting the San Francisco Bay, the landmark Ford Point project is located at 1414 Harbour Way South and is owned by New York-based Madison Capital, a leading real estate investment and operating company, and Meadow Partners, an institutional middle-market real estate investor. Madison capital and Meadow Partners acquired Ford Point in June 2022 for $103.7 million.
“We are thrilled to provide R&D and advanced manufacturing space to Moxion in support of their continued growth at Ford Point. Our new tenant improvement program at the property is designed to provide tenants with the resources necessary to tailor this great building to their specific needs,” said Brian Riggle, Senior Vice President for Madison Capital.
Jeffrey Kaplan, Managing Partner of Meadow Partners, added, “This significant lease with Moxion is a testament to one-of-a-kind features Ford Point offers its tenants, as well as the strong demand Meadow Partners, has identified for flexible industrial spaces proximate to large cities, such as San Francisco. We are excited to support Moxion’s expansion at the project and to complete leasing at Ford Point with Cushman & Wakefield.”
Cushman & Wakefield’s Ted Anderson, Andrew Schmieder and Ryan Hattersley represented the landlord in the transaction. Moxion was represented by Mike Sample, Greg Matter and Patrick Metzger at Jones Lang LaSalle.
Ted Anderson, Managing Director, said, “Ford Point will change tenant expectations regarding what a best-in-class R&D and manufacturing solution should look like and how it should function. The project combines unique features that cannot be found under a single roof. These include the building’s thoughtful construction and natural light propositions, waterfront views, off-street parking and yard, and quality dock and grade level loading capabilities delivered alongside scaled operating systems. It’s truly a Swiss Army Knife of a project, and it does everything well.”
The lease to Moxion brings the Ford Point facility to 100% leased, with other tenants including SunPower (NYSE:SPWR), Mountain Hardwear (NASDQ:COLM), California Closets, and more.
Ford Point’s distinct features include a brick façade, factory-style windows and skylights that allow for day-lit spaces, and a south-facing sawtooth roof that houses a one-megawatt solar system. Located adjacent to the building is the recently completed Richmond Ferry terminal. Ford Point also provides views of San Francisco, the Bay Bridge, Oakland, and Berkeley.
The project’s previous owner, Orton Development, had completed a comprehensive, $40 million renovation of the entire building, installing all new building systems and undertaking an extensive seismic upgrade. Since 2008, an additional $11.3 million was invested in an upgraded roof, electric vehicle charging stations, asphalt repaving, and a one mega-watt rooftop solar system.
Designed in 1930 by renowned architect Albert Kahn, Ford Point was built as the Ford Motor Company Assembly Plant and was the largest assembly plant built on the West Coast at the time. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center.
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 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, California and other gateway markets, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management.
About Meadow Partners
Based in New York and London, Meadow Partners is a $5.8 billion vertically integrated real estate investment manager specializing in global middle-market transactions. Since inception in 2009, Meadow has leveraged its unique platform including in-house project management, development and construction to execute on investment opportunities across multifamily, office, industrial and retail investment on behalf of institutional investors globally. Meadow currently employs 28 professionals and manages a series of commingled opportunistic funds, a perpetual life vehicle, and two core/core-plus separately managed accounts.
About Moxion Power
Moxion Power manufactures mobile energy storage products and technologies, which enable last-mile electrification in industries such as construction, transportation, events & entertainment, film production and telecommunications.