Cushman & Wakefield Completes Sale of 186,000-Square-Foot Multi-tenant Industrial Property
Firm Represents both Buyer and Seller in Trade of Northern California Property
"The property marks Lowenberg's initial acquisition in Sonoma County," said Dowling. "The building's track record of occupancy, including long-term commitments by two major current tenants, proved to be very attractive for the new ownership."
The two existing tenants are Thermo Fisher Scientific, which occupies nearly 90,000 square feet, and Dr. Pepper Snapple Group, with 50,000 square feet. The remaining 46,440 square feet is currently being marketed for lease by Dowling and Sarno. "We are seeing considerable interest in this availability."
Occupying 11.2 acres, 2200-2240 South McDowell is located near Route 116, the Lakeview Highway. Building features include 16 dock and grade level truck doors, 4,000 amps of power, and 24-foot clear ceiling heights.
"This transaction is further evidence of a strong and improving industrial market in the region, particularly the North Bay submarket," said Dowling. "For example, the industrial vacancy rate was just 7.3 percent in Sonoma County and 4 percent in Napa County at the end of the first quarter according to our research. With little new construction underway, a significant amount of investment money has been chasing existing industrial product in the region."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In the U.S. alone in 2013, this group completed nearly 6,700 industrial real estate transactions (excluding Capital Markets transactions)