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BioRad Labs Leases Warehouse at Pinole Point

RICHMOND, CA-The lease of the 116,250-sf cross-dock facility brings the recently traded park to 100% occupancy. The $52-million sale included excess land that is slated for development next year.

By Brian K. Miller | Updated on July 17, 2008

RICHMOND, CA-BioRad Laboratories Inc. has leased a 116,500-sf cross-dock warehouse a Pinole Business Park, taking the 475,000-sf park to 100% occupancy. The lease is prompting the expansion of the park by its new owners, Sares Regis Group, which in May paid $52-million for the existing assets and 43 acres of excess land that can hold an additional 600,000 sf .

Sares Regis did not reveal the term and rate on the lease. Sares Regis was marketing the warehouse for lease at approximately $0.50 per sf (NNN), which is about $0.05 higher than the local market rate for the space. The negotiated deal reportedly includes “several million” of tenant improvements to the space.

Pinole Point is at the intersection of Atlas Road and Giant Highway in Richmond, which lies north of Berkeley in the East Bay. The existing business park includes three warehouse and light-industrial buildings constructed between 1999 and 2001. At the time of sale, the existing buildings were approximately 80% occupied by six tenants, but negotiations were already under way with BioRad.

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