NorCal Industrial Building Receives $13M Refi

NorthMarq arranged the 10-year loan for a single-tenant, 348,500-square-foot facility located in Fairfield, Calif., around 3 miles from the city’s downtown.
Watney. Image courtesy of NorthMarq

Amir Development has received $13 million in refinancing for Watney, a 348,500-square-foot, single-tenant industrial property in Fairfield, Calif. NorthMarq arranged the 10-year term loan on a 30-year amortization schedule through Jackson National Life Insurance Co. The building is occupied by Amcor Rigid Plastics.

Located at 2425 S. Watney Way, the facility is near Freeway 12 and Interstate 80, approximately 3 miles from downtown Fairfield. Furthermore, the industrial building is around 56 miles from San Francisco International Airport, and it is also close to other regional airports such as the Napa County Airport and the Rio Vista Municipal Airport.

Built in 1999, the property sits on 16 acres and features 32 dock high doors, dock leveler, dock bumpers, a truck court and 70 parking spaces. In addition, interior characteristics include refrigerated storage, insulated ceilings and climate control, according to Yardi Matrix.

Ory Schwartz, senior vice president & managing director of NorthMarq, arranged the financing. Earlier this year, NortMarq secured $46 million in financing for a technology park in San Jose, Calif.