Kennedy Wilson Brokerage represented Arnold Industrial LLC, a private developer based in the greater Bay Area, on the $6.8 million acquisition of 13.51 acres of commercial land from Lowe’s Home Center LLC on Arnold Industrial Way in Concord, California.
Kennedy Wilson Brokerage Vice President Eric Rehn, CCIM was deeply involved in the complicated three-year transaction, which included a General Plan Amendment, new split zonings and a four-parcel subdivision to bring the newly named Concord Industrial Center to fruition.
“We were pleased to be able to get this transaction over the finish line for our client in today’s challenging development environment. Over the long rezoning and entitlement period, we used our time wisely to secure interest from three owner-users and anticipate quickly finding a buyer for the final parcel, which can accommodate a 12,000 square-foot stand-alone building,” said Rehn.
The property, originally zoned freeway commercial, was rezoned for industrial/office use and divided into four lots. In a concurrent closing, three of the lots have been sold to owner-users, including Restaurant Depot, Auto Core and Papé. The remaining lot is being marketed for sale. In total, the assemblage now consists of more than 137,000 square feet of build-to-suit space for commercial tenants and is projected to add more than 125 new jobs to the area.
“Eric has done a tremendous job, and we truly appreciate him bringing us this opportunity. Through this long process, he’s thoughtfully assisted us every step of the way in terms of entitlement by leveraging his positive relationship with the City of Concord,” said Edward Pike, Co-Managing Member of Arnold Industrial LLC.
The transaction marks the second in which Kennedy Wilson Brokerage has represented Mr. Pike, who formerly engaged the team on the purchase of 26 acres of land, adjacent to Benicia Port Terminal, on Oak Road in Benicia, California.
About Kennedy Wilson Brokerage
Kennedy Wilson Brokerage, a division of Kennedy Wilson Property Services, is a leader in the leasing and sale of commercial real estate, representing institutional and private capital investors and tenants across the United States. Our capabilities include investment sales and acquisitions, agency leasing, tenant representation, corporate services, valuation and advisory services. For more information, visit www.kennedywilsonservices.com/brokerage.
Kennedy Wilson Property Services is independently owned and operated and not a part of Kennedy-Wilson Holdings, Inc. or any of its subsidiaries and affiliates.
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Alyssa Lawrence | Martha Dickerson
Murphy O’Brien
310-453-2539
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