FedEx signed a 10-year renewable lease for the property, whichsits at 5191 Fermi Dr., a company source tells Thenegotiated lease rate is not being released by the partiesinvolved. The going NNN lease rate for large, high-cube warehouseleases in the area is approximately $0.40 to $0.45 per sf permonth, according to local industry sources.


FedEx is expanding operations nationwide as part of a plan toincrease the number of packages it can process daily to 6.1 millionby 2014 from 3.8 million today. "There are 200 facilities like thisone [in Benicia] all over the country that we are working torelocate or otherwise expand," the source says.


Jeff Kernochan with the Los Angeles office of Fischer & Co.represented Fed Ex. Matt Bracco with Cushman & Wakefieldrepresented Panattoni. Fischer & Co. also recently representedFedEx in a similar-size lease in Newark, CA.


The Fairfield facility will be used to process packages headedto Solano, Napa, Marin and Contra Costa counties. The Newarkfacility will be sued to process packages headed up the SanFrancisco Peninsula.

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