Intersection Equities has acquired an 85,000-square-foot distribution facility in the Napa County city of American Canyon, CA for $15.1 million. Located at 5555 Broadway St., the property consists of two warehouses; one night-cooled and the other refrigerated. CBRE’s Bill Chiles, Scott Peterson and Colby Matzke secured an $11.2 million loan to finance the deal.
“This property has maintained a long history of high occupancy,” said Intersection’s Anton Myskiw. “Near-term expirations provide us with an opportunity to re-lease the building and yard space at market rents during the first year of ownership.”
“Intersection is acquiring an exceptional asset that will create considerable interest from users given its direct frontage along Highway 29, proximity to wine country and easy access to the Bay Area,” said CBRE’s Peterson. “The market’s low vacancy and record-breaking absorption position the property well for future success.”
The facility features 22’ clear heights, four grade level doors, five dock-high doors and over 2 acres of yard area.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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