Commercial Real Estate Market Shows Strong Activity
Monday, March 28th 2016
SACRAMENTO, CA – Fairfield is experiencing robust commercial real estate activity. The food-manufacturing sector continues to expand and new construction is underway on industrial and multiple-family projects.
New industrial space will soon be available in the Cordelia Villages area of Fairfield. Panattoni Development is scheduled to break ground in early spring on a three-building 1,039,000-square-foot industrial park at Cordelia and Hale Ranch roads, located across from a fully leased 970,000-square-foot industrial park developed by Buzz Oates in 2014.
The Panattoni building will provide much-needed inventory as Fairfield’s vacancy rate for industrial and warehouse/distribution space was below 2 percent at the end of September 2015.
Our food manufacturing sector continues to grow and attract companies.
Critelli, dba The Olive Oil Factory, makers of fine olive oils and vinegars for the food service industry, broke ground in fall 2015 on a 92,568-square-foot manufacturing/production plant at 770 Chadbourne Road. Buzz Oates is building the facility. It will include additional bottling lines and an olive oil and vinegar tasting room showcasing the company’s Sonoma Harvest Food brand. The new facility will bring in 20 to 30 new jobs. An April 2016 completion date is expected.
The Olive Oil Factory joins the award-winning bakery, Just Desserts, that is now up and running a 75,000-square-foot manufacturing facility on a 7-acre site at 5000 Fulton Drive. Just Desserts moved to Fairfield in May 2015 because it needed a larger facility. It chose Fairfield for its affordable real estate, business-friendly environment, attractive transportation lanes for shipping and transporting product, and access to skilled workers.
In true Fairfield style, we are anxious to provide our skilled workforce, families and aging seniors with local housing. To that end we have two multiple-family projects underway. A.G. Spanos Construction is building Green Valley Apartments at 3900 Business Center Drive. The approximately 13.5-acre site will include 11 three-story apartment buildings, with a total of 286 luxury apartments. Amenities include a clubhouse, pool and spa, putting greens and pedestrian access to Solano College.
In the same general area, Rockville Terrace Luxury Senior Living at 4625 Mangels Boulevard has a May 2016 target completion date. The 107,000-square-foot property consists of 112 assisted living and 36 memory care apartments. It’s expected the senior residence will bring in 100 new jobs.
All of this activity points to Fairfield’s strengthening economy; temporary construction jobs, companies that provide solid, wage-earner salaries locating here, and new inventory of state-of-the-art residences. While we have not fully recovered from the Great Recession, our outlook is much-improved and moving in the right direction.