Richmond — Ford Point, a vast technology and creative complex on the coastline of Richmond, a historic site that was once an auto assembly plant, was acquired by a large investor from New York.
Madison Capital and Meadow Partners have paid $ 103.7 million for Ford Motor Company’s former car-making property.
Orton Development purchased a collapsing complex from the city of Richmond in 2004 and began a major redevelopment of the property. This is a series of efforts, including complete seismic retrofitting of sites severely damaged by the 1989 Romaprieta earthquake.
According to Orton Development, the 517,000-square-foot landmark complex is located on Richmond’s 1414 Harbor Way S, offering dramatic views of the bay.
Cushman & Wakefield brokers Seth Siegel, Steve Herrman, Ryan Venezia, Rick Ryan, Kevin Fleming and Courtney Trannel represented the sellers of the transaction. Keith Padien, a Cushman & Wakefield broker, has arranged to finance the purchase on behalf of the buyer.
Siegel, Executive Managing Director of Cushman & Wakefield, said: “This important historic Bay Area treasure has been a loving job for the Orton development team since it was purchased.”
Orton Development has invested $ 51.3 million in a series of car factory refurbishments. For decades, the factory produced cars until it was closed in 1955. During World War II, car factories produced tanks for the war.
Orton’s efforts have attracted many leading tenants such as SunPower, Columbia Sportswear and Ekso Bionics. Ford Point also houses the Craneway Pavilion Restaurant and Event Space, and the Rosie The Ribter Museum. Ford Point has been registered on the National Register of Historic Places since 1988.
Ford Point is currently leased about 87%. Cushman & Wakefield brokers Ted Anderson, Andrew Schmieder, and Ryan Hattersley look for tenants in the remaining space.
Jonathan Nackmani of Madison Capital said: Managing director.