Nathaniel Hagedorn Of NorthPoint Development Acquires Nine-Building Industrial Portfolio In Benicia For $87.5M

A nine-building industrial portfolio has been acquired by NorthPoint Development for a total of $87.5 million. The property, located at 6600 Goodyear Road and 6200 Goodyear Road, 5301 & 5341 Industrial Way in Benicia, CA, encompasses 534,550 square feet of space. The portfolio is fully leased to 19 tenants and spans 28 acres, strategically situated near Interstate 680. The assets feature below-market rents and an average of 3.4 years remaining on lease terms, providing potential for value growth as leases roll.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $87,500,000
• Buyer: Nathaniel Hagedorn - NorthPoint Development
• Seller: Luke J. Petherbridge - Link Logistics
• Brokers: Rebecca Perlmutter Finkel, Brooks Pedder, Brian Russell, Tony Binswanger & Bo Harkins - CBRE
• Mortgage Brokers: Steve Roth, Val Achtemeier & David Milestone - CBRE
• Square Footage: 534,550
• Price Per Square Foot: $164

The transaction was facilitated by several brokers from CBRE, including Rebecca Perlmutter Finkel, Brooks Pedder, Brian Russell, Tony Binswanger, and Bo Harkins. The mortgage brokerage team also included Steve Roth, Val Achtemeier, and David Milestone. This acquisition reflects NorthPoint Development's strategy to leverage the below-market rental rates and existing lease terms.