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$52M Buys 475,000-SF Industrial Park, Excess Land

RICHMOND, CA-Sares-Regis Group buys the Pinole Point Business Park here with plans to expand the park by 580,000 sf beginning in early 2009.

By Brian K. Miller | Updated on May 11, 2008

RICHMOND, CA-Sares-Regis Group has paid approximately $52 million for the Pinole Point Business Park, an asset here that includes 475,000 sf of built industrial space and 43 acres of contiguous land capable of supporting an additional 580,000 sf. Sares Regis and an unnamed institutional capital partner acquired the property from family-owned Pinole Point Properties.

The property is located at the intersection of Atlas Road and Giant Highway in this East Bay city, near Highways 80, 580 and 780. The existing business park includes three warehouse and light industrial buildings constructed between 1999 and 2001. The existing buildings are 82% occupied by six tenants and negotiations are reportedly under way that would fill the 89,000 sf of vacant space.

The acquisition expanded the company’s industrial holdings by 50% to 1.5 million sf and the expansion, which will be housed in four buildings, will add another third. Construction is scheduled to begin in the first quarter of 2009 with completion in early 2010.

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