New York Life Buys 10.2 Acres for New Industrial Development in Richmond

LBG Real Estate Companies, Aviva Investors, Aviva Investors Real Estate, Los Angeles, Richmond, East Bay

Goodrick Industrial Center, New York Life, Richmond, San Francisco, Bay Area

By Jon Peterson

The San Francisco office of New York Life Real Estate Investors has closed on the acquisition of 10.2 acres in Richmond for a new industrial development along Richmond Parkway. The purchase price was $2.89 million or $6.50 per square foot of the 444,746 square feet of building area, according to multiple sources familiar with the project.

New York Life declined to comment when contacted for this story.

The name of the project is the Goodrick Industrial Center. The land will be developed into two buildings that will be started on a spec basis with a total square footage of 171,630 square feet. The actual start and finish of the project has not been determined at this time.

The first building in the project is 113,130 square feet, and the second building is 58,500 square feet. The leasing efforts on the project going forward will be overseen by the Kennedy Wilson Brokerage Group. The people involved are John Troughton and Eric Rehn, both vice presidents with the company.

Richmond is a market that remains very tight for warehouse/distribution industrial space. There is very little if any vacancy for this kind of space in the Richmond market, as stated by sources that track the industrial market in Richmond. The limited amount of space available is one reason why rents in this market over the past year have increased by 30 percent.

Goodrick Industrial Center will be in the center of a great deal of action happening with industrial assets in Richmond. It is close to the Pinole Point Business Park that was acquired last year for $77 million by Chicago-based LaSalle Investment Management. It’s also across the street from the new America’s Tire Distribution Center, and adjacent to the planned Galaxy Desserts 30-acre manufacturing facility.

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