RICHMOND — Ford Point, a vast tech and creative complex perched on the Richmond shoreline, a historic site that once was an automobile assembly factory, has been bought by big investors from New York.
Madison Capital and Meadow Partners paid $103.7 million for the property, where Ford Motor once manufactured vehicles, according to Cushman & Wakefield, a commercial real estate firm that advised on the high-profile purchase.
Orton Development bought the crumbling complex in 2004 from the city of Richmond and launched a massive redevelopment of the property, a series of endeavors that included a complete seismic retrofit of the site, which was badly damaged in the Loma Prieta Earthquake of 1989.
The landmark complex, which totals 517,000 square feet, according to Orton Development, is located at 1414 Harbour Way S in Richmond and commands dramatic views of the Bay.
Cushman & Wakefield brokers Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming, and Courtney Trunnell represented the seller in the transaction. Cushman & Wakefield broker Keith Padien arranged the financing for the purchase on behalf of the buyer.
“Ford Point is a spectacular asset and model of urban revitalization and is truly a one-of-a-kind San Francisco Bay Area landmark,” said Siegel, Cushman & Wakefield executive managing director. “This important historical Bay Area treasure has been a labor of love for the Orton Development team from the time they purchased it.”
Orton Development has poured $51.3 million into an array of renovations in the auto plant. Over the decades the factory produced cars until it closed in 1955. During World War 2, the vehicle factory produced tanks for the war effort.
The efforts by Orton attracted a number of top-notch tenants, including SunPower, Columbia Sportswear, and Ekso Bionics. Ford Point also is home to The Craneway Pavilion restaurant and event space and the Rosie the Riveter museum. Ford Point has been listed on the National Registry of Historic Places since 1988.
Ford Point at present is about 87% leased. Cushman & Wakefield brokers Ted Anderson, Andrew Schmieder and Ryan Hattersley will seek tenants for the remaining space.
“We were drawn to this opportunity by the asset’s prominent waterfront location, robust power supply, high ceiling heights, expansive parking area, and potential to create a dynamic best-in-class research and development facility,” said Jonathan Nachmani, a Madison Capital managing director.
Source: www.mercurynews.com