Crow Holdings, a privately owned real estate investment and development firm headquartered in Dallas, Texas, announced its industrial property development company Crow Holdings Industrial (CHI) has sold an industrial property project in San Francisco Bay Area to Black Creek Group, a Denver-based leading real estate investment management firm. Terms of the transaction were not disclosed.
Bay Area Commerce Center I – Hawthorne, 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 industrial property in San Francisco Bay Area 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.
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“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.”