NorthMarq Arranges Refi for Bay Area Industrial Asset
- Feb 18, 2020
NorthMarq has arranged $5 million in refinancing for Watney Industrial, a 100,460-square-foot building in Fairfield, Calif. The industrial property received a 10-year loan from Nationwide Life Insurance Co., according to Solano County records. The mortgage carries a 25-year amortization schedule.
Completed in 1985, the single-tenant facility underwent cosmetic renovations in 2017, according to Yardi Matrix. Watney Industrial features 16 dock high doors, dock levelers and bumpers, a truck court, 25-27 foot clear height and grade-level loading. Further features include fire sprinklers, skylights, exhaust fans and insulated ceilings. The building has a parking ratio of 1.4 spaces per 1,000 square feet, Yardi Matrix shows.
Located at 2345 S. Watney Way, on 5 acres, the property is in the proximity of Highway 12 and Interstate 80. The facility is 3 miles from Suisun-Fairfield train station and the city center, while Napa County Airport is 18 miles away.
Ory Schwartz, senior vice president & managing director at NorthMarq’s Los Angeles office, arranged the financing. In June 2019, Schwartz secured a $13 million loan for a 348,500-square-foot facility, which is right next to Watney Industrial.