Madison Capital & Meadow Partners JV Spends $103.7MM for Ford Point Property in Richmond Totaling 478,761 SQFT

Richmond, Ford Point, Moxion Power, San Francisco, Bay Area, Madison Capital, Meadow Partners, Cushman & Wakefield, Jones Lang LaSalle, JLL, Orton Development, Oakland, Berkeley

New York-based Madison Capital and Meadow Partners acquire treasured high-end Advanced Manufacturing and R&D waterfront industrial property

RICHMOND, Calif., – June 16, 2022 –  Cushman & Wakefield announced the firm has advised on the sale of Ford Point, a historic 478,761-square-foot high-end creative R&D asset in Richmond, California. New York-based Madison Capital, a leading real estate investment and operating company focused on acquiring and repositioning superior mixed-use assets in dynamic markets, and Meadow Partners, a vertically integrated private real estate investment firm, acquired the landmark waterfront property from owner/developer Orton Development for $103,700,000 (roughly $217 per square foot).

Located at 1414 Harbour Way S, the property was 83% leased at sale to a strong roster of corporate tenants including SunPower (NYSE:SPWR), Mountain Hardwear (NASDQ:COLM), and California Closets among others.

Cushman & Wakefield’s Northern California Capital Markets Group comprising Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming, and Courtney Trunnell represented the seller in the transaction. Cushman & Wakefield’s Keith Padien arranged the financing on behalf of the buyer, and Cushman & Wakefield’s Ted Anderson, Andrew Schmieder and Ryan Hattersley have been retained to continue leasing the project.

Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began 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 has been invested in an upgraded roof, electric vehicle charging stations, asphalt repaving, and a one-megawatt rooftop solar system.

“Ford Point is a spectacular asset and model of urban revitalization and is truly a one-of-a-kind San Francisco Bay Area landmark. This important historical Bay Area treasure has been a labor of love for the Orton Development team from the time they purchased it in 2004,” said Seth Siegel, Executive Managing Director.  The Orton team has done a fantastic job on the rehabilitation and lease-up of Ford Point.”

Siegel added, “Having recently repositioned and exited 360 Spear in San Francisco, Madison Capital was seeking another sizable Bay Area opportunity. They continued to express interest in Ford Point and once it became available, jumped at the opportunity to step in and take the reins.  Madison has already begun capitalizing on leasing momentum at the property.”

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.

“We were drawn to this opportunity by the asset’s prominent waterfront location, robust power supply, high ceiling heights, expansive parking area, and potential to create a dynamic best-in-class R&D facility in one of the East Bay’s fastest-growing submarkets,” said Jonathan Nachmani, Madison’s Managing Director and Head of Acquisitions. “Our capital improvement program will respond to the shortage of premium R&D space that is most in-demand and will attract many of the Bay Area’s most innovative users.”

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 to be built on the West Coast. 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. To learn more, visit or follow @CushWake on Twitter. 

About Madison Capital

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, Chicago, San Francisco, Miami and other gateway cities, 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. For more information, please visit the firm’s website at

About Meadow Partners

Meadow Partners is a vertically integrated private real estate investment firm based in New York City and London that manages a series of closed-end funds and separate accounts on behalf of institutional investors.  Meadow Partners has more than $5.5 billion of current assets under management. 

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