Northpoint Pays $88M for Fully Leased Benicia Industrial Portfolio

CBRE has arranged the $87.5-million sale of a nine‑building, 534,550‑square‑foot industrial portfolio located in the Benicia Industrial Park in the San Francisco Bay Area to NorthPoint Development. Included in the sale We Benicia Commerce Center I & II at 6200–6850 Goodyear Rd and Benicia Industrial Way at 5301–5341 Industrial Way in Benicia.

Rebecca Perlmutter and Brian Russell of CBRE National Partners West, along with Tony Binswanger, Bo Harkins and Brooks Pedder with CBRE’s Walnut Creek office, represented the undisclosed seller. Steve Roth, Val Achtemeier and David Milestone with CBRE Capital Markets’ Debt & Structured Finance arranged the buyer’s financing.

The portfolio of two infill locations is fully leased to 19 diverse tenants. The properties feature below-market rents, staggered lease expirations and a weighted average lease term of 3.43 years. Tenants have occupied the park for an average of nearly 15 years.

“This is the highest quality industrial product in Benicia with a rare combination of scale, dock high loading, and embedded growth within one of Northern California’s most supply-constrained industrial markets,” said Perlmutter.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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