One of the North Bay's largest commercial buildings, a 607,200-square-foot distribution warehouse at 5195 Fermi Drive in Fairfield, sold to US Industrial REIT III, an affiliate of San Antonio, Texas-based real estate investment trust USAA Real Estate Co., for $33.5 million, or about $55 a square foot.
"The Fermi Drive property, with its proximity to key Bay Area infrastructure including the Port of Oakland and Oakland airport, as well as world-famous wine production in both Napa and Sonoma valleys, is an attractive addition to the US Industrial REIT III portfolio of quality assets," said Pat Duncan, USAA chairman and chief executive officer.
The 28-acre property is fully leased through June 2017 to Owen-Brockway Glass Container Inc., a subsidiary of Toledo-based Owens-Illinois. The company signed a 10-year lease for the building in late 2006 to inventory bottles bound for North Coast wineries.
Darla Longo, Barbara Emmons, Steve Hermann, Bob Gilley, Joe Moriarty, Rebecca Perlmutter, Doug Norton and Conor Famulener of CB Richard Ellis advised seller Lincoln Property Co.
Panattoni Development Co. erected the building in 1996.
***Utah-based Wasatch Advantage Group LLC and affiliated Wasatch Property Management Inc. recently became administrative general partner in Santa Rosa Housing Partners LP, which owns the 200-unit Quail Run Apartments in southeast Santa Rosa. Western Community Housing Inc. remains the managing general partner.
The transfer of interests was valued at $21.34 million, including paying off city of Santa Rosa bonds issued in 1997 to build the complex. The affordability restriction on the property that came along with the incentive -- 80 of the units must be priced for household incomes at 60 percent of the local median -- will remain through May 2016, according to the city, which approved the ownership transfer.
[caption id="attachment_34131" align="alignleft" width="288" caption="Quail Run Apartments"][/caption]
Wasatch manages about 13,000 units in Western states, including 2,120 low-income units in 11 developments.
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