Yahoo! Finance (September 29, 2020) - Crow Holdings announced today that its industrial development company, Crow Holdings Industrial (CHI), has completed the sale of Bay Area Commerce Center I – Hawthorne to Black Creek Group, a Denver-based leading real estate investment management firm. Terms of the transaction were not disclosed.
The newly-constructed, 242,000-square-foot warehouse is located in Livermore, CA within the Tri-Valley submarket and provides easy access to the I-580 Interstate and the greater Bay Area, including Oakland’s air and seaports. The property is 70 percent leased to the country’s largest mattress retailer. This transaction represents the second disposition by CHI of an industrial property in Livermore during the COVID-19 pandemic, following the successful sale of the brand new 90,500-square-foot Bay Area Commerce Center III – Longard in late March.
CHI has developed more than 450,000 square feet of industrial space across three properties in Livermore and is starting construction on Phase II of development at TriPoint Logistics Center, a 4.8-million-square-foot master-planned industrial park in Lathrop, CA.
"Bay Area Commerce Center’s location, access and design make it an attractive investment opportunity for institutional capital," said Phil Prassas, Senior Managing Director at CHI. "Completing this sale during the COVID-19 pandemic reflects the robust demand for high-quality logistics facilities in the Bay Area."
"This sale, along with continued construction of other key industrial assets in Northern California, is a testament to CHI’s longstanding strategy of developing state-of-the-art properties in attractive locations with superior access to major highways and transport hubs," said Ken Valach, Chief Executive Officer of CHI. "We believe that our core strategy will continue to benefit from the acceleration of longer-term secular trends driving the growth of e-commerce and the demand for high-quality developments we specialize in."
Since 1948, Crow Holdings has been investing in the industrial and logistics sector and has grown to become a market leader across both its institutional real estate asset management business (Crow Holdings Capital) and its industrial development business (CHI). CHI specializes in distribution, fulfillment and last mile properties in key logistics markets throughout the U.S. Over the past 22 years, Crow Holdings operating companies have developed or owned 107 industrial properties with an additional 46 currently in development, representing over 71 million square feet of industrial space across the country.
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