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Cushman & Wakefield Advises on $104M Sale of Landmark 478,700-SF Research & Development Property
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Cushman & Wakefield (NYSE: CWK) advised on the sale of Ford Point, a historic R&D asset in Richmond, California, for $103.7 million. The property, measuring 478,761 square feet and 83% leased, was acquired by Madison Capital and Meadow Partners from Orton Development. The site, recognized for its historical significance, has seen over $51.3 million in renovations since Orton's purchase in 2004. Madison plans to enhance the site further, addressing the demand for premium R&D space in the Bay Area.
Positive
The sale of Ford Point for $103.7 million indicates significant asset value.
The property was 83% leased at the time of sale, showing strong demand.
Madison Capital's commitment to improving the property can enhance its value.
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RICHMOND, Calif.--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, advised on the sale of Ford Point, a historic 478,761-square-foot research & development (R&D) asset in Richmond, California.
New York-based Madison Capital, a leading real estate investment and operating company focused on acquiring and repositioning mixed-use assets in dynamic markets, and Meadow Partners, a vertically integrated private real estate investment firm, acquired the landmark waterfront property from owner/developer Orton Development for $103.7 million.
Located at 1414 Harbour Way S, the property was 83% leased at sale to corporate tenants.
Cushman & Wakefield’s Northern California Capital Markets Group comprising Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell represented the seller in the transaction. Cushman & Wakefield’s Keith Padien arranged the financing on behalf of the buyer, and Cushman & Wakefield’s Ted Anderson, Andrew Schmieder and Ryan Hattersley have been retained to continue leasing the project.
Designed in 1930 by renowned architect Albert Kahn, Ford Point was built as the Ford Motor Company Assembly Plant. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center.
Orton Development purchased the site in 2004 and began a comprehensive, $40 million renovation of the building. Since 2008, an additional $11.3 million has been invested in the property.
“Ford Point is a spectacular asset and model of urban revitalization and is truly a one-of-a-kind San Francisco Bay Area landmark. The Orton team has done a fantastic job on the rehabilitation and lease-up of Ford Point,” said Siegel, Executive Managing Director. “Madison Capital has already begun capitalizing on leasing momentum at the property.”
“We were drawn to this opportunity by the asset’s prominent waterfront location, robust power supply, high ceiling heights, expansive parking area and potential to create a dynamic best-in-class R&D facility in a growing East Bay submarket,” said Jonathan Nachmani, Madison’s Managing Director and Head of Acquisitions. “Our capital improvement program will respond to the shortage of premium R&D space that is most in demand to attract innovative users in the Bay Area.”
About Cushman & Wakefield
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 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management. For more information, please visit the firm’s website at mcapny.com.
About Meadow Partners
Meadow Partners is a vertically integrated private real estate investment firm based in New York City and London that manages a series of closed-end funds and separate accounts on behalf of institutional investors. Meadow Partners has more than $5.5 billion of current assets under management.
