BENICIA, CALIF. — CBRE has brokered the $87.5 million sale of a nine-building industrial portfolio in Benecia, part of the San Francisco Bay Area. NorthPoint Development purchased the buildings, which are located within Benicia Industrial Park, and include Benicia Commerce Center I and II at 6200-6850 Goodyear Road and Benicia Industrial Way at 5301-5341 Industrial Way.
At the time of sale, the portfolio was fully leased to 19 tenants that have occupied space at the park for an average of nearly 15 years. The tenant roster is subject to below-market rents, staggered lease expirations and a weighted average lease term of roughly 3.4 years, according to the deal term.
Rebecca Perlmutter and Brian Russel of CBRE National Partners West, along with Tony Binswanger, Bo Harkins and Brooks Pedder of CBRE’s Walnut Creek, Calif., office represented the seller in the deal. Steve Roth, Val Achtemeier and David Milestone of CBRE Capital Markets’ Debt & Structured Finance arranged the buyer’s financing.