San Pablo Multi-Tenant Industrial Site — 277,080 SF
A multi-tenant industrial site under state environmental monitoring, sold after earlier marketing efforts did not result in a sale.
What the property's history looked like.
The 16+ acre site is an actively monitored environmental case. Five old underground tanks sit in the courtyard, hydrocarbons are localized there, and lead and zinc are confined under pavement. More than 60 tenants paid below-market rents under varying lease structures, and the property carried considerable deferred maintenance in a neglected submarket.
How we handled it.
Took over a stalled assignment
Several brokerages had marketed the property before us without a sale.
Re-underwrote it as a value-add
Other brokers treated it as a redevelopment site; we showed the upside through management and lease renegotiation.
Educated buyers on the environmental case
We explained the site's history to buyers who reacted to the label.
Widened the buyer pool
Industrial buyers travelled from Los Angeles and San Diego to tour.
Deal specifics
Related sales.
Own a property with environmental history?
Request a confidential opinion of value. We start with what the site's history means for value and for buyers.
jida@lee-associates.com
CA DRE Lic. #01826381
bgallagher@lee-associates.com
CA DRE Lic. #02047890
dogard@lee-associates.com
CA DRE Lic. #02103324
San Francisco, CA 94104