JLL arranges $44.5M sale of two Bay Area industrial assets

SAN FRANCISCO, Aug. 27, 2024 – JLL Capital Markets has successfully closed the sale of two industrial assets in the Bay Area, California for a total of $44.5 million. The properties, located at 75 & 89 South Kelly Road in American Canyon, have a combined size of 266,729 square feet and are fully leased.

JLL represented the confidential seller and procured the buyer, Pac West Equities and affiliate of Buzz Oates.

These two high-quality triple net leased (NNN) industrial warehouses are situated on 12.85 acres, spanning across two parcels. The building features include 25 to 30-foot clear heights, concrete tilt-up construction, ESFR sprinklers, ample auto parking and a combined 24 dock-high doors and four grade-level doors. 89 S Kelly Road is 100% master leased to Dynacraft, BSC Inc – the largest privately held distributer of wheeled goods. 75 S. Kelly Road is subleased to Valley Wine Warehouse, a local Napa third-party logistics provider (3PL).

75 & 89 S Kelly Road are situated along the CA-29 in Napa County, located in one of the top performing industrial markets in the country. The property is within 75 miles of the four major population centers in Northern California, which contain nearly 12 million residents collectively and yield the highest GDP per capita in the country.

The JLL Industrial Capital Markets team was led by Managing Director Ryan Sitov and Director Melinda Marino. Additionally, the transaction was executed in collaboration with JLL’s North Bay leasing team, including Senior Managing Directors Glen Dowling, Matt Bracco and Chris Neeb.

“75 & 89 South Kelly Road presented an attractive mark-to-market opportunity to acquire assets in one of the top-performing industrial markets in the country,” said Sitov. “This transaction highlights the continued strength and attractiveness of the Bay Area industrial market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Buzz Oates is a privately owned, Sacramento CA based, vertically integrated commercial real estate investment management company and operating platform. Organizational specializations include land development entitlements, vertical development, construction services, accounting services, property management and asset management services. Assets under management total over 30 million square feet, valued at $3.5 Billion. The Buzz Oates platform delivers institutional real estate investment opportunities on a cost-effective basis by identifying and executing on projects from raw land to leased stabilized operating assets. Buzz Oates is the exclusive investment and operating advisor to Pac West Equities, LP a privately held commercial real estate investment fund.