Cushman & Wakefield Completes Industrial Building Sale
60,000-Square-Foot Northern California W/D Facility Trades.
- Los Angeles-Long Beach, CA (1888PressRelease) December 06, 2013 - Commercial real estate services firm Cushman & Wakefield has completed the sale of 2449 S. Watney Way, a 60,000-square-foot warehouse/distribution facility in Fairfield.
Seller Watney D&S, an investment affiliate of Lowenberg Corp., was represented by the industrial team of Matt Bracco, Glen Dowling and Chris Neeb of Cushman & Wakefield's Marin/North Bay & Walnut Creek offices. Buyer DBI Properties was represented by Tim Schmid and Trevor Buck of Cassidy Turley.
DBI Properties is the real estate entity of DBI Beverage, Inc., a national beer distributor based in Tennessee that will use the location for distribution. Altogether, DBI operates eight distributorships in California.
"DBI Beverage outgrew an existing facility in Fairfield and with this acquisition will relocate and expand that operation to 2449 S. Watney Way," said Bracco. "This is a high quality, well-maintained building with dock-high and drive-in loading and extensive parking and yard areas. DBI competed against multiple offers to secure the property, and it will provide DBI with the ideal opportunity to meet its new requirements."
Fairfield is a real estate submarket within Solano County, and the latest transaction comes as that market has seen "an incredible amount of occupier activity in 2013," said Bracco. "This is a very strong industrial market where the overall Solano County industrial vacancy rates have dropped substantially from over 11% in Q3 12 to 8% in Q3 13."
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 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.
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