Scannell Properties Acquires 183,000 SF North Bay Industrial Project for $26.45 Million

PETALUMA, Calif., June 21, 2019 – Cushman & Wakefield announced today that the firm has advised the sale of a 183,000-square-foot multi-building industrial portfolio in Petaluma, California for $26.45 million. The transaction closed in April. The seller consisted of a pair of private individuals who formerly operated their business, Sistema Plastics, at the entire project located at 755-775 South Point Blvd. The buyer was Indianapolis-based Scannell Properties.

Trevor Buck, Steven Leonard and Brian Foster with Cushman & Wakefield’s North Bay office represented both buyer and seller in the transaction. The trio was also retained by the buyer to perform leasing services.

“At the time of sale both buildings were fully vacant to which the portfolio had represented the largest industrial lease opportunity in the North Bay; however, already since the date of sale, we have swiftly closed two significant lease transactions in the project, and are currently in negotiations for a third lease,” said Trevor Buck, Executive Director. “Scannell, who has great knowledge and experience in our local North Bay market, remains bullish in our region, particularly for industrial product.”

755 South Point consists of a freestanding 88,466-sf two-story building and 775 South Point consists of a freestanding 94,500-sf two-story building. Centrally located in Southern Sonoma County, both buildings provide freeway visibility, excellent loading capabilities, clear height and car parking, and good natural light, while 755 South Point also features 62,000 sf of temperature controlled space. They are also situated in a quiet setting, close to Redwood Business Park, downtown Petaluma and amenities, and SMART Train. The buildings also provide direct access to Highway 101, a major logistical route.

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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.