FOLSOM, FAIRFIELD AND CONCORD, CALIF. — Garaventa Properties has sold a three-building industrial portfolio to a partnership between Birtcher Anderson Realty and Merced Capital for $63.4 million. The portfolio totals 533,700 square feet.
The transaction includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom.
The portfolio features 18 industrial, flex and office buildings leased to more than 30 tenants. The three properties have an average occupancy rate of 85 percent.
The portfolio buy represents Birtcher Anderson’s first Northern California acquisition. Steve Hermann and Robert Gilley of Cushman & Wakefield represented Garaventa in the deal.