(EDITOR’S NOTE: According to public records, the sale closed on December 3, 2018 in the amount of $25,200,000.)
Richmond, Calif. (January 7, 2019) – Colliers International announced today the disposition of a ±30 acres of land located at 500 Pittsburg Avenue, Richmond, CA commonly referred to as Parkway Logistics Center.
The prime developable land is centrally located, providing access to major highways I-580, I-80, the San Rafael-Richmond Bridge, and has close proximity to the Port of Oakland and San Francisco Bay Area region.
Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the property and approved the construction of an approximately 482,000 state-of-the art, Class A distribution facility which will be divisible for up to four tenants.
“We continue to see strong demand for Class A distribution space from last-mile users that need to be close to their customers,” said Todd Severson, SIOR with Colliers International in Oakland. “This site will provide tenants with just that, as it located with easy access to major freeways and transportation hubs in the Greater Bay Area.”
The cross-dock warehouse will include 36’ minimum clear height, 75 dock high doors, 12 grade level doors, ESFR sprinkler system, trailer parking and 534 parking spaces. Construction is slated to begin the second half of 2019.
“Black Creek has been an active player within the Richmond area for a number of years and we are excited to add this development to our Greater Bay Area footprint,” said Gregg Boehm, Senior Vice President of Acquisitions and Development for Black Creek Group. “We continue to see great value in the Richmond area as it is well positioned to continue to grow, providing tenants with an ideal location to serve the Greater Bay Area which is home to nearly 9 million people.”
Todd Severson, SIOR Senior Vice President with Colliers International in Oakland and Bruce Bauer, Executive Vice President with Colliers International in Walnut Creek represented both the Seller and the Buyer in this transaction.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
For the latest news from Colliers, visit Colliers.com.
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm that has bought or built approximately $18 billion of investments over its 25-year history. The company manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company has nine offices across North America with more than 300 professionals. Black Creek Group offers a range of investment solutions for both institutional and wealth management channels. More information is available atwww.blackcreekgroup.com.