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 [...]

Cushman & Wakefield Advises Sale of 40-Acre Site in Petaluma for $20.1 Million for New Planned Development

PETALUMA, Calif., June 19, 2019 – Cushman & Wakefield announced today that the firm has advised Silicon Valley-based Bay West Development in the sale of 40 acres of undeveloped land in Petaluma, California for $20.1 million. Located at 500 Hopper Street, Bay West had originally purchased the vacant industrial-zoned property in 2016. The buyer was Indianapolis-based Scannell Properties, whose official plans for their new development project have yet to be announced. Trevor Buck, Steven Leonard and Brian Foster with Cushman & Wakefield’s North Bay office represented the seller in the transaction. “We marketed this property as an industrial build-to-suit opportunity to a wide audience of buyers and we received strong interest from a number of different investors and developers, even outside the scope of industrial,” said Trevor Buck, Executive Director. “Scannell proved to be an ideal buyer for this sought-after property given their experience and knowledge of the local area, [...]