NAPA, CA—A full-service, end-to-end fulfillment company focused on the direct-to-consumer wine industry, Vynapse LLC, dba Pack n' Ship Direct, has preleased a 226,000-square-foot, class-A wine warehousing facility located at 1325 Airport Blvd. Vynapse, and the project's owner and developer, New York Life Real Estate Investors, negotiated a long-term lease for the entire building, which represents Phase I of the new Greenwood Business Park project.
The building features 7,000 square feet of office space and a full wine package. While the structure is nearly complete, Vynapse will not take occupancy for a few more months until all interior improvements have been completed. DTZ's Walnut Creek and San Rafael offices represented both parties in the transaction. Brooks Pedder, SIOR, senior managing director, Tony Binswanger and Trevor Buck represented the landlord, and Pedder, along with Scott Bertrand, represented the tenant. The terms of the transaction were not disclosed.
Situated on 19.4 gross acres, the business park is being built in two phases by Devcon Construction and will total 304,775 square feet of wine warehousing, distribution and manufacturing space when fully built out. Phase I consists of the 226,000-square-foot preleased building to Vynapse, and Phase II will consist of a second freestanding, single-story building totaling 79,000 square feet, which is currently being marketed by the DTZ listing team. Phase II is expected to start construction later this summer.
Pedder tells GlobeSt.com: "This transaction combined strong market demand, a great tenant, a great developer, and a fantastic facility and location. I wish all of our deals could shape up this way."
Greenwood Business Park is located at the corner of Airport Boulevard and Delvin Road in the hub of Napa Valley. The property is well positioned near the convergence of California State Routes (Highways) 12 and 29, two of the Valley's primary arteries. The property is adjacent to the Napa County Airport and is just a short distance from numerous wineries, resorts and golf courses, and is a short drive to Interstate 80.
“This is arguably the finest wine warehouse in all of Napa Valley,” said Pedder. “The new Highway 12 has opened up Napa to superior access to Interstate 80, and we expect more use diversification in the Napa and American Canyon markets going forward.”
DTZ announced an agreement to merge with Cushman & Wakefield in the past two months. The new company, which will operate under the Cushman & Wakefield brand, will have revenues of more than $5.5 billion, in excess of 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015.
Society of Industrial and Office Realtor (SIOR) members complete more than 80,000 transactions annually. SIOR has more than 3,000 members in more than 630 cities in 34 countries. Information on the Northern California chapter and membership can be found via its redesigned website.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
