RICHMOND — A big Richmond industrial and manufacturing center has been bought for more than $100 million in a deal that shows investors still hunger for some Bay Area real estate despite an ailing market.
GLP Capital Partners, acting through multiple affiliates, has bought three large buildings on Atlas Road in Richmond, according to documents filed with the Contra Costa County Recorder’s Office at the end of June and the start of July.
2900 Atlas Road in Richmond, a 200,000-square-foot manufacturing and industrial building. (Google Maps)
Santa Monica-based GLP Capital Partners paid a combined $129 million for the three buildings, the county records show.
GLP Capital, a worldwide investment and asset management firm, bought the buildings through an all-cash deal.
2500 Atlas Road in Richmond, an industrial and manufacturing building totaling 143,250 square feet. (Google Maps)
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The buildings are located at 2100, 2500 and 2900 Atlas Road in Richmond. Together, the buildings total 474,800 square feet, according to the commercial real estate property database Compstak.
Here are the details of the purchases of the individual buildings:
— 2100 Atlas Road, $36 million for a building totaling 131,500 square feet.
— 2500 Atlas Road, $36 million for a 143,300-square-foot building.
— 2900 Atlas Road, $57 million for a building totaling 200,000 square feet.
Industrial and manufacturing buildings, whose tenants typically must do in-person work rather than labor that can be performed remotely or from home, have drawn heightened interest from investors.
The success of manufacturing and industrial sites contrasts sharply with a weak Bay Area office market haunted by record-high vacancies, foreclosures and a nosedive in values.
Bio-Rad Laboratories, a maker of advanced technologies for life sciences and medical diagnostics firms; and International Delicacies, a food firm, are among the tenants in the three buildings, which are part of Pinole Point Business Park.
GLP Capital Partners has $113 billion in real estate under management, according to the company’s website. The investment firm operates in nine major markets: the United States, Brazil, Europe, China, Japan, Hong Kong, India, Vietnam and Singapore.
“As a leading alternative asset management firm, GLP Capital Partners invests in areas that will define the future, with long growth horizons driven by ever-increasing demand,” the company states on its website.
