BENICIA, CALIF. — CBRE has brokered the $87.5 million sale of a nine-building industrial portfolio in the Benicia Industrial Park in the San Francisco Bay Area to NorthPoint Development. The portfolio includes Benicia Commerce Center I and II at 6200-6850 Goodyear Road and Benicia Industrial Way at 5301-5341 Industrial Way.
The portfolio of two infill locations was fully leased to 19 diverse tenants at the time of sale. The properties feature below-market rents, staggered lease expirations and a weighted average lease term of 3.43 years. Tenants have occupied the park for an average of nearly 15 years.
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.