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 [...]