Copart, Inc., an automobile salvage auction company, signed a long-term lease to occupy 70,000-sf of a 103,000-sf, three-story building in Fairfield's Green Valley Corporate Park in Fairfield. The building is currently being developed. The rental rate is $17 per sf. Quadrangle Development Company and Green Valley L.L.C own the 155-acre development, which will have more than two million sf when completed.
These deals are good signs for owners of development properties, such as Prudential Insurance Co., which plans to market a 32,000-sf site at Second and Natoma streets in San Francisco. The company took the property back from Swig Burris Equities, after it failed to raise money to build a proposed 51-story condo project.
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