NAPA, CA—Lowenberg Corp., San Francisco, has acquired a two-building, 313,812-square-foot industrial property at 21 and 37 Executive Way in Napa, from Live Oak Equities, LLC.
Cushman & Wakefield's San Rafael, Calif.-based team of Glen Dowling, Chris Neeb, and Matt Bracco represented both the buyer and the seller.
Constructed in phases in 2005 and 2008, the state-of-the-art warehouse property is situated near the intersection of highways 12 and 29, seven miles west of I-80, and caters to the Napa Valley wine industry for case good storage of wine. Dowling recently completed a 71,237-square-foot lease extension with Collotype Labels, which serves the wine industry and expanded from its original 51,000 square feet at 21 Executive Way. Sutter Home Winery also occupies 75,887 square feet in 21 Executive and the entire 163,687 square feet at 37 Executive Way. Both of these leases were also arranged by Dowling.
“These are two of the nicest, well located 'conditioned' warehouse buildings in Napa County,” said Dowling. “This transaction is further evidence that the region's industrial investment market is continuing to improve, particularly the North Bay submarket. The Napa County industrial market continues to be very strong with steady demand and a vacancy rate currently at about 4%. Well-leased industrial product continues to draw the attention of savvy investors looking for a stable market with strong barriers to entry.”
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