Specialty packaging manufacturer Landsberg Ora was prepared to close its longtime hub in Fairfield, California, and consolidate it with one further upstate. Instead, the company signed a deal in the North Bay suburb that not only doubles its previous footprint, but reaffirms its commitment to the region.
The company signed a more than 197,550-square-foot lease with developer Panattoni Development to move into the newly constructed warehouse buildings at the Green Valley Corporate Park. The deal, which landed right alongside the completion of the property at 4555 Business Center Drive, was significant enough to earn it a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Landsberg Ora had previously leased about 100,000 square feet of industrial space in Fairfield, a North Bay city popular among industrial tenants for its easy access to markets in San Francisco, Silicon Valley and Sacramento. The company expects to move into its new space at the Green Valley Corporate Park later this year.
The lease with the manufacturer was also a big selling point for Boston real estate management firm TA Realty, which acquired the newly constructed business park as part of a $90.5 million portfolio deal that closed in September 2022.
About the project: The three-building industrial complex at 4555, 4700 and 4750 Business Center Drive spans more than 415,100 square feet and is located in one of the densest industrial markets in the North Bay. Combined with the Landsberg Ora deal, the complex was 75% preleased prior to its completion, a testament to strengthened demand across the Bay Area for warehouse space.
What the judges said: "Salvaging a 200,000-square-foot tenant and employer is a big deal for any community," CoStar Impact Award Judge Matt Brown, a president at Meridian Commercial, said of the Landsberg Ora lease, adding that "efforts to keep the tenant in the North Bay" proved successful.
They made it happen: Glen Dowling, Chris Neeb and Matt Bracco of JLL represented Panattoni in the deal with the packaging manufacturer.