NorthPoint Development has acquired a fully leased industrial portfolio in Benicia, with CBRE arranging the $87.5 million transaction. The nine-building portfolio totals 534,550 square feet and is located within the Benicia Industrial Park in the San Francisco Bay Area. The assets include Benicia Commerce Center I & II at 6200–6850 Goodyear Rd and a cluster of buildings along Benicia Industrial Way at 5301–5341 Industrial Way in Benicia.
CBRE National Partners West professionals Rebecca Perlmutter and Brian Russell led the investment sales assignment, working alongside Tony Binswanger, Bo Harkins and Brooks Pedder from CBRE’s Walnut Creek office. This team represented the undisclosed seller in the disposition of the portfolio. The buyer, NorthPoint Development, secured acquisition financing arranged by CBRE Capital Markets’ Debt & Structured Finance group, led by Steve Roth, Val Achtemeier and David Milestone.
The properties span two infill locations within the Benicia Industrial Park, a logistics and industrial hub in the broader Bay Area. All nine buildings are fully leased to 19 tenants drawn from a range of industries, providing income diversification for the new owner. According to CBRE, rental rates across the portfolio are below prevailing market levels, offering potential for rent growth over time as leases roll.
Lease structures across the park feature staggered expiration dates, contributing to cash flow stability and reducing near-term rollover concentration. The weighted average lease term for the tenant roster is 3.43 years, balancing medium-term income visibility with the opportunity to capture future rental increases. Tenants have maintained a long-standing presence at the park, with average occupancy duration approaching 15 years, underscoring the stickiness of demand at the location.
CBRE’s Perlmutter described the assets as among the highest quality industrial product in Benicia, citing the combination of scale across multiple buildings, dock-high loading capabilities and embedded rent growth potential. She also noted the portfolio’s positioning within one of Northern California’s more supply-constrained industrial markets, a backdrop that supports sustained occupancy and rent performance for well-located product.
For NorthPoint Development, the acquisition delivers immediate in-place cash flow from a fully occupied portfolio, along with the prospect of incremental upside as contracts reprice from below-market levels. The transaction also highlights continued investor interest in infill industrial assets within the San Francisco Bay Area, particularly where long-term tenancy and modern distribution functionality align with limited new supply.
