Scannell Properties Sells 17-Acre Site Planned for Industrial Development in Richmond for $115.2MM

Scannell Properties, Richmond, Pell Development Company, San Rafael, San Francisco, Bay Area, Point Pinole Regional Shoreline, Republic Services West Contra Costa Landfill, Contra Costa County Planning Commission, West County Wastewater District, FedEx, Indianapolis, Best Buy, GE, Nestle, General Mills

By Kate Snyder

Sales activity in Richmond is continuing along at a steady rate with a recent land grab by a real estate developer. Approximately 17 acres in an unincorporated area of the city was purchased for $115.2 million by an entity affiliated with Pell Development Company, a real estate development firm based in San Rafael, according to public information. The seller was Scannell Properties, which had won approval for a two-building industrial development to be constructed on the property.

The site is located at 177 Parr Blvd., just east of Richmond Parkway and minutes from the San Francisco Bay, Point Pinole Regional Shoreline and the Republic Services West Contra Costa Landfill. 

Scannell Properties had previously proposed the construction of two warehouse fulfillment buildings totaling approximately 325,000 square feet on a total of 29.4 acres located at the site involved in the sale, according to city records. The project was approved in 2021 by the Contra Costa County Planning Commission. Other aspects of the project include off-site roadway improvements, the removal of five trees and annexation into the West County Wastewater District.

Last year, Scannell Properties announced that County and private-sector leaders were set to break ground on the project on Parr Boulevard. The two warehouse fulfillment structures are expected to open in mid-2023, and FedEx is expected to be the major tenant at the new site. Additionally, the site’s truck fleet is mandated to be one-third zero-emission upon opening and 100 percent zero-emission within five years after opening.

“This project requires all operations on-site to be zero emissions and mandates that the truck fleet housed at the center be zero-emissions within five years. These are the most stringent zero-emission requirements of any fulfillment center warehouse in the nation and will help protect the surrounding community from harmful diesel emissions,” Contra Costa County Supervisor John Gioia said at the time of the announcement.

Scannell Properties is a privately owned, international commercial real estate development firm specializing in build-to-suit and speculative projects for the industrial, office and multifamily markets, according to the firm’s website. Since 1990, the company has developed more than 130 million square feet with an annual development volume of more than $5 billion. Headquartered in Indianapolis, Scannell Properties has 13 regional offices across the U.S., Canada and Europe. The group has completed projects for a variety of national and global companies such as FedEx, Best Buy, GE, Nestle and General Mills.

West Coast Commercial Real Estate News