SAN FRANCISCO, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Modico Capital, a San Francisco-based privately held real estate investment firm, announced today the sale of 1014 Chesley in Richmond, California, to InSite Property Group. The property is a 10.4-acre industrial site that has been vacant for over 20 years and is nestled between two active railroad tracks in the North Richmond region of the San Francisco Bay Area. The lot will be developed into a facility comprised of approximately 112,000 square feet of indoor storage.
In recent years, the city of Richmond has been resistant to the development of additional self-storage facilities, instead opting for more active uses of existing property. However, due to the unique nature of the site and critical need for self-storage, the City determined the proposed development was more desirable. Industrial was the best performing sector in real estate in 2020 and will continue to benefit from increasing demand.
The site, owned for decades by World Oil Corporation, has been unoccupied for over two decades, and, in 2004, was largely cleared of any structures. “Repurposing this property represented a challenge on multiple fronts,” said Trey Clark, President of Modico Capital. “The property is zoned for light industrial use, but the difficult access for large trucks make most industrial uses unrealistic. The residential uses adjacent to the site further limit appropriate uses. Finally, the light industrial zoning code had been reworked recently to eliminate many of the more dormant industrial uses that would have been a good fit. We are pleased the city of Richmond has decided to move ahead with the much-needed self-storage development, and believe the community will benefit from the improvements to a lot that has been vacant for years.”
InSite Property Group is a vertically integrated self-storage developer, operator, and manager focused on leveraging technology to deliver the best performing assets across institutional and emerging markets. Mike Murray of JLL, who specializes in land and development opportunities throughout the greater bay area, brokered the sale to InSite on behalf of Modico.
About Modico Capital
Modico Capital is a commercial real estate investment company focused predominantly on special situation and opportunistic real estate investments. Formed in 2012, it is headquartered in San Francisco, California.
Company Contact:
Trey Clark
Modico
415-570-9550
tclark@modicocapital.com
Media Contact:
Rosalia Scampoli
Marketcom PR
914-815-1465
rscampoli@marketcompr.com