A Chicago asset manager has paid $110.5 million for a distribution warehouse leased by Amazon.com in Vacaville.
Nuveen Real Estate, a subsidiary of New York-based financial services provider TIAA, bought the 617,726-square-foot Class A distribution center at 4800 Midway Rd., the San Francisco Business Times reported.
The seller was Sacramento-based developer LDK Ventures and Pacific Coast Capital Partners, based in San Francisco, in a joint venture on the North Bay property.
Steve Hermann, Seth Siegel, Ryan Venezia, Rick Ryan and Kevin Flemming of Cushman & Wakefield’s Northern California Capital Markets Group represented LDK and PCCP in the sale.
LDK entitled the 35.7-acre property in 2019 and finished construction last year. Amazon applied for a permit for tenant improvements in July 2020, according to Vacaville records.
Nuveen Real Estate has about $148 billion in assets under management, according to data from Nuveen, its larger parent company.
The Chicago-based firm and Graymark Capital recently sold 150 Industrial Road, a 230,000-square-foot life sciences building near Highway 101 in San Carlos, for $190 million, property records show. The pair purchased the property for $99 million in 2019.
Vacancy rates for industrial space in Solano and Napa counties in the fourth quarter sat at about 2.4 percent, near historic lows for the area, according to brokerage firm Colliers. Both counties had 1.54 million square feet of industrial space under construction at the end of last year.
In Vacaville, with an inventory of about 8.5 million square feet of total industrial space, vacancy rates were at 6.3 percent. The higher rate, according to Colliers, was because of a 200,000-square-foot warehouse with 108,000 square feet available in the fourth quarter.
In February, Amazon leased a 204,000-square-foot warehouse in Pinole Point Commerce Center in Richmond. This month, a West Coast trucking business subleased a 300,000-square-foot industrial facility in San Leandro from Amazon.
[San Francisco Business Times] – Dana Bartholomew
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