Cushman & Wakefield Represents both Parties in Transaction
BENICIA, Calif.(September 24, 2018) – A fully leased 63,108-square-foot flex/R&D building positioned in the Benicia Industrial Park in South Solano County, California has traded for $12 million. The single-story building located at 5500 E. 2nd St. in the city of Benicia is 100% occupied by Bio-Rad Laboratories. Sarkissian Trust acquired the property from Benicia Partners, LLC.
Brooks Pedder, SIOR, Douglas Longyear, SIOR, and Tony Binswanger, SIOR of Cushman & Wakefield’s Walnut Creek and San Francisco offices represented both the buyer, with whom they’ve had a close relationship for nearly 30 years, and the seller in the transaction.
Mr. Pedder, Managing Principal, Executive Managing Director in Walnut Creek, said, “This was a strong investment property leased to a longstanding, industry-leading tenant who is also one of the largest employers in the Benicia Industrial Park—the largest port-oriented industrial park in Northern California that serves home to several major companies across a gamut of industries.” He added, “Bio-Rad Laboratories has operated out of this facility for more than two and a half decades, and continuously renewing its term over that span has proven its commitment to this facility. In addition, the company also fully leases the neighboring building while their corporate headquarters sits just 15 miles east in the nearby city of Hercules.”
Situated on 4.02 acres, 5500 E. 2nd St. provides excellent access to critical transportation arterials such as Interstates 80 and 680 and Highway 4, which offer strong product distribution and labor access capabilities. Mr. Binswanger, Managing Director, said, “The location is also proximate to large potential labor pools coming from UC Davis and UC Berkeley, and other educators. Its desirability is further demonstrated by its position in one of the strongest biotech regions in the world, the San Francisco Bay Area.”
Mr. Binswanger added, “Benicia’s strategic setting on the Carquinez Strait, just off Interstate 680, along with an admired school system and a healthy and safe community environment has made it an attractive location as both a place to live and for industrial growth. Furthermore, historically Benicia has also maintained low industrial vacancy and active tenant demand heavily due its proximity to the more expensive Contra Costa County, just a bridge away.”
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