RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million.
At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets.
Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system.
Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center.
Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the deal. Keith Padien of Cushman & Wakefield arranged acquisition financing for Orton Development, and Ted Anderson, Andrew Schmieder and Ryan Hattersley of Cushman & Wakefield have been retained to lease the project.