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VALLEJO, CA- Earthquake Protection Systems Inc. of Richmond has acquired a120,000-sf manufacturing building here in the first sale of a property atthe former Mare Island Naval Shipyard since the closing of the facility forprivate development, according to Colliers International Partnership.Terms of the sale were not disclosed, and industry sources say thatestimating the value of the deal was difficult because industrial propertiesin Solano County sell for a wide range of prices—from the low $20 per sfrange to the mid-$40 range.

Earthquake Protection Systems Inc. will be relocating from Richmond to theproperty, Building 759, according to Phil Garrett of Colliers Internationalin Fairfield. Garrett represented the buyer, with Greg Smyth and Ryan Smythof CB Richard Ellis in Pleasanton representing the seller, Lennar Partners,which is the master developer of the former Navy shipyard. The Smyths arelisting agents for the Mare Island property. Garrett calls the sale ” the first stage in the transformation of Mare Island from a naval base to a modern, mixed-use development.”

Mare Island Naval Shipyard opened in 1854 as the first navalinstallation on the West Coast. It was closed in 1996 and its ownership wastransferred to the city of Vallejo in 2002. The reuse plan calls for the creation of 8,000 to 10,000 jobs and 7million sf of commercial office space, 1,400 residential unitsand recreational features as well.

Earthquake Protection Systems Inc. is one of the world’s leading seismicisolation bearing manufacturers. The company has been designing,manufacturing and testing seismic isolation bearings since 1985. Thebearings are joints that are installed between a structure and itsfoundation to protect against earthquake shock.

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