Overview
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in 4401-4457 Park Road (the “Property” or “4401 Park”), a 102,583 square foot industrial building in Benicia, California. The Property is 100% leased to four tenants and has maintained an average occupancy of 96% for the past five years.
Benicia is recognized as Northern California’s largest port-related industrial park, serving a wide range of logistics, manufacturing, and distribution users. Located at the intersection of I-680 and I-780, Benicia provides seamless access to I-80 and major urban centers including San Francisco, Oakland, and Sacramento. The city draws from a healthy labor pool and offers a convenient reverse commute to the residential communities of the East Bay.
Investment Highlights
HIGHLY SOUGHT AFTER, FUNCTIONAL PRODUCT
Demand for functional industrial space has remained strong despite market fluctuations because those job functions cannot be performed remotely. This demand coupled with diminishing inventory means assets like 4401 Park are highly sought after. The Property features a low office to warehouse ratio, 26 dock doors, and 24’ clear heights, as well as abundant parking and convenient highway and freeway access. 4401 Park has maintained an average occupancy rate of 96% over the past five years.
EXCEPTIONAL MARK-TO-MARKET OPPORTUNITY
Currently 100% occupied with a WALT of 3.6 years and significantly below market in-place rent, 4401 Park presents an ideal value-add opportunity to increase cash flow via marking rents to market. Coupled with a staggered rollover, an investor can limit downtime exposure given the tight vacancy (3.3%) within the Benicia submarket.
ATTRACTIVE BASIS
The Property is expected to trade well below replacement cost. This lower basis allows an investor to offer competitive rental rates while still achieving attractive returns.
LOW CAPITAL REQUIREMENTS
4401 Park has been owned, managed, and maintained at institutional standards. Because of the current owner’s commitment to the Property and high percentage of warehouse, future transactional costs related to tenant improvements will generally be low.
RESILIENT INDUSTRIAL MARKET FUNDAMENTALS
Benicia is home to Solano County’s largest industrial park, spanning over 3,000 acres with 7.9 million square feet of built-out space. Since 2018, Benicia has experienced average annual rent growth of 6.28%; as of the first quarter of 2025, average warehouse rents are $0.94 (net). With effectively no additional land available for new industrial development, Benicia offers a rare opportunity to purchase in a supply-constrained market with natural barriers to entry.
