NAPA, Cal. - Cushman & Wakefield has orchestrated a 71,237-square-foot industrial lease in Napa, representing both tenant Collotype Labels and landlord Whal Properties in the transaction. Glen Dowling of the firm's Marin/North Bay office arranged the signing, with Collotype Labels expanding from its original 51,000 square feet and extending for a term of 120 months at 21 Executive Way in Napa.
"Collotype, which provides labels for the wine industry, needed room to expand," said Dowling. "The company was not necessarily looking to move and fortunately was able to expand in place and was willing to commit to a longer term."
"The wine market industry is growing, and all signs are that it will continue to grow," said David Buse, president of Collotype Labels, the largest wine label printer in the market. "We're growing with the market and needed additional equipment and people, and the additional space to accommodate that growth."
"Glen Dowling was very thorough in making sure that our needs were attended to," said Mike Huntsinger, vice president of operations for Collotype.
Situated at 7.16 acres near the intersection of Routes 12 and 29 in Napa, the 150,000-square-foot 21 Executive Way was constructed in 2006. Co-tenant with Collotype Labels is Sutter Home Winery, which relocated to the site earlier this year in a transaction similarly arranged by Glen Dowling of Cushman & Wakefield.
"This market is extremely active right now, and the vacancy is very tight-under four percent," said Dowling. "I have been working in this market for 29 years and have never seen it so tight. The largest availability right now is approximately 25,000 square feet."
Market conditions in the region are generating several new industrial projects, according to Dowling. "There is one building of approximately 103,000 square feet under construction, slated for delivery in April of 2014," he said. "There are at least five projects teed up behind it, and several of them should be under construction next year."
Cushman & Wakefield's industrial platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.