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RICHMOND, CA-The Richmond City Council the sale of 1.1-acres for $408,000, enabling a locally-based division of Fortune 500 company Parker Hannifin to expand its operation.

The company, Veriflo, manufactures valves and regulators used to produce semiconductors. Its existing corporate headquarters is located on Canal Boulevard.

The company has been looking to expand its business In Richmond, after outgrowing its 66,000-sf headquarters. Last year, Veriflo leased additional space from The Zeneca complex as a temporary solution, while Cushman & Wakefield broker John Troughton looked for a better opportunity.

Last month, Troughton helped the company buy a 72,000-sf building at 200 South Garrard Boulevard, which is located across the street from its headquarters. Still, the company needed more space for parking.

Fortunately, there was a vacant, city-owned property adjacent to the building, which was unused because of an East Bay Municipal Utilities District easement running through it. Veriflo negotiated with the City of Richmond, and bought the lot for $408,000, enabling it to build sufficient parking for its facility.

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