FedEx signed a 10-year renewable lease for the property, whichsits at 5191 Fermi Dr., a company source tells GlobeSt.com. 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.

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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.

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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.

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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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