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Industrial Land, Building Fetch $6M

RICHMOND, CA-Richmond Land Group buys 25 acres with a 215,000-sf warehouse on it for use by Palecek, a natural furniture company that is owned by Richmond Land Group principals.

By Brian K. Miller | Updated on June 27, 2005

RICHMOND, CA-A 215,000-sf warehouse on 25 acres here recently changed hands for $6.1 million. The seller was Crown Cork & Seal. The new owner is Richmond Land Group. The user will be Palecek Inc, which sells furniture made of rattan, abaca, havana, leather, wood, bamboo, seagrass and other natural materials. The property is located at 601 Parr Blvd. The buyer’s broker in the deal, Todd Severson of Colliers International in Oakland, tells GlobeSt.com that Richmond Land Group includes principals of Palacek. Palacek will put millions into the building to modernize it for its operations, says Severson. It will vacate a smaller leased location in Richmond later this year when it occupies its new space. “The buyer chose Richmond because that is where they are currently located and it was one of few opportunities where you can buy a big piece of property like this,” he says. “A large building with that much dirt is pretty tough to find these days.”The option to purchase the warehouse and land were previously held by Orion Logistics. Seversen says Orion exercised its option and then transferred the option to Richmond Land Group. Crown Cork & Seal was represented in the transaction by Bill Banker and Jim Clark of Cornish & Carey Commercial.

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