A sizable Fairfield commercial complex was part of a $63.4 million, half-million-square-foot sale of industrial and office space in the San Francisco Bay and Sacramento areas.
The 228,133-square-foot Fairfield Corporate Commons property on Campus Lane and Executive Court was part of a Garaventa Properties portfolio sale to a partnership of Birtcher Anderson Realty and Merced Capital. Also included were 204,726-square-foot Garaventa Park in Concord and 100,832-square-foot Lake Forest Business Park in Folsom near Sacramento.
It’s Birtcher Anderson’s first foray into Northern California real estate. It owns flex properties — a mixture of industrial and office space — in Southern California.
The 533,700-square-foot portfolio has 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants.
“With multiple product types, strategic locations and exceptional access, this portfolio provided an outstanding opportunity to acquire a critical mass of high-quality real estate in Northern California,” said Steve Hermann, part of the Cushman & Wakefield team brokering the deal. “The Birtcher Anderson–Merced partnership will be able to take advantage of strong economic and market fundamentals to leverage the existing stability and capitalize on the upside potential.”
Hermann and fellow Cushman & Wakefield capital markets specialist Robert Gilley represented family-owned Garaventa, along with Brooks Pedder and Tony Binswanger, industrial-space leasing specialists. Pedder and Binswanger have been leasing the buildings for more than 25 years and will continue to market the property. The company also will be managing the buildings.
The properties have attracted a diverse user base including government, media, health care, education and insurance tenants through the years, Pedder said.
“All three assets offer desirable business park environments and superior construction standards, along with immediate freeway access and proximity to amenities,” he said. “Each features a thoughtful design that continues to meet local demand.”