BentallGreenOak Pays $74M for Bay Area Warehouse

North Bay Logistics Center. Image courtesy of JLL

Link Industrial Properties has completed the $73.5 million disposition of North Bay Logistics Center, a 607,208-square-foot warehouse in Fairfield, Calif., Solano County records show. BentallGreenOak purchased the property on behalf of a discretionary investment vehicle and financed the deal with a $52.8 million acquisition loan from PCCP. JLL secured the financing package and will oversee property management at the property.

Located on 28 acres at 5195 Fermi Drive, the single-story facility was completed in 1995. The warehouse serves as a distribution center for glass manufacturer O-I, which occupies the building. The property has a 30-foot clear height, eight grade-level and 56 dock-high doors, an ESFR sprinkler system and a low office finish. Situated in the San Francisco Bay Area, North Bay Logistics Center is a short distance from the intersection between interstates 80 and 680 and State Route 12. Additionally, the facility is 41 miles northeast of downtown San Francisco.

The JLL team that assisted the seller included Mark Detmer, Ryan Sitov, Andie Fezell, Matt Bracco and Glen Dowling. The firm’s debt placement team consisted of Bruce Ganong, Alex Witt, Tom Gilliland and Lauren Mezzanotte. Tracy Scifo will spearhead property management efforts.

Strategic moves

The asset previously traded in 2016 as part of a 17-property logistics portfolio sold by USAA Real Estate. Gramercy Property Trust acquired the assets for $521 million, according to CommercialEdge. In October 2018, Blackstone acquired Gramercy for $7.6 billion and subsequently combined the entity with Gateway Industrial Properties and Talos Capital to form Link Industrial Properties.

Last December, BentallGreenOak sold Hollis Business Center, a 225,500-square-foot office property in Emeryville, Calif. Beacon Capital Partners paid $129.5 million for the asset.