https://news.theregistrysf.com/redco-development-buys-189000-sqft-industrial-property-in-fairfield-for-19-75mm/
An industrial asset in Fairfield traded hands recently in a deal that shows the city continues to attract investors. REDCO Development purchased a 189,000 square foot property for $19.75 million, or about $104 per square foot, in a sale leaseback deal, according to information from the firm. The seller was The Clorox Company, which also occupies the property. The acquisition was completed with Blackbird Investment Group.
Located at 2500 Huntington Drive, the property is positioned in the East Bay on 12.1 acres of land. It allows access to Interstates 80, 12, 680 and 5. According to REDCO’s website, the building currently serves as a last-mile logistics hub for the distribution of Clorox’s bleach and wipe products. Among the building’s features are a 115-trailer yard storage and three rail doors. The property is also situated directly adjacent to Clorox’s main production bleach plant at 2600 Huntington Drive.
REDCO Development is a real estate development company focused on the adaptive re-use and repositioning of commercial properties, according to the firm’s website. The company concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast.
The firm has been involved in a number of development projects throughout the Bay Area.
Earlier this year, REDCO Development and New York Life Investments made an acquisition in Hayward, according to previous reporting from The Registry, spending $9.25 million on a 4.39-acre site for the redevelopment of a 98,000 square foot industrial project. The site is located at 25375 Clawiter Road. As part of the purchase agreement, Fremont Bank will lease the two existing office buildings on the site for the short term while REDCO Development and New York Life Investments obtain the necessary entitlements. At the time of the purchase, construction was estimated to commence in the first quarter of 2024, with the project anticipated to be completed later that year.