±17,840 SF on ±3.38 Fully Paved Acres | Off-Market | I-80 / I-580 Interchange
Alex Peck and Zack Barnes of Lee & Associates represented both the buyer and the seller in the off-market sale of 3251 Jacuzzi Street in Richmond, California — a ±17,840-square-foot building on ±3.38 fully paved acres of industrial outdoor storage (IOS) land at the I-80/I-580 interchange. The property sold for $10,000,000 and closed in 2026 as the final leg of the buyer's reverse 1031 exchange.
The site never hit the open market. There was no listing, no marketing flyer, and no public campaign — the deal was sourced and closed quietly, which is increasingly how the best IOS sites in the East Bay trade.
The asset pairs a functional ±17,840-square-foot building with ±3.38 acres of fully paved, secured yard — the exact building-and-yard combination that IOS users compete for and that is nearly impossible to replicate in the inner East Bay. The site carries rare frontage and visibility at the I-80/I-580 interchange, one of the highest-traffic freeway junctions in the region.
Paved, fenced, yard-intensive sites of this size are a shrinking share of Richmond's industrial inventory. New development overwhelmingly favors high-coverage warehouse and distribution product, while contractor, trucking, equipment, and owner-user operators chase a fixed pool of legacy yards.
A few characteristics made 3251 Jacuzzi Street a clean fit for an owner-user completing a 1031 exchange.
A paved-yard IOS site in a land-constrained submarket. The combination of a usable building and 3.38 acres of fully paved yard is rare in the inner East Bay. Stormwater and entitlement hurdles make new paved acreage almost impossible to build, so existing sites like this trade on scarcity.
An off-market execution. The property never listed publicly. A discreet, off-market process matched the right user with the right site without a broad campaign — protecting both parties and keeping the transaction efficient.
The final leg of a reverse 1031 exchange. The buyer acquired the site to complete a reverse exchange, deferring capital gains by rolling proceeds into replacement property. Reverse exchanges run a strict clock, so an off-market site that could close on schedule was exactly what the buyer needed.
Freeway frontage at I-80/I-580. Visibility and access at one of the East Bay's busiest interchanges add durable value for any operator that depends on logistics, signage, or quick regional access.
Industrial outdoor storage has moved from overlooked to institutionally targeted. Dedicated IOS funds have raised billions since 2021 to acquire paved-yard sites up and down the West Coast, and the East Bay — with its constrained supply and dense logistics demand — is squarely in their sights. For owners of well-located paved yards, that means more competition for every site that becomes available.
This sale is a clean example of the dynamics we wrote about in our analysis, Why Quality IOS Sites Are Trading Off-Market in the East Bay — where supply, entitlement friction, and institutional capital are pushing the best IOS deals to close quietly, before they ever reach the open market.
| Property | 3251 Jacuzzi St, Richmond, CA |
| Property Type | Industrial Outdoor Storage (IOS) |
| Building Size | ±17,840 SF |
| Land Size | ±3.38 Acres (fully paved) |
| Submarket | Richmond / I-80–I-580 Interchange, East Bay |
| Sale Type | Owner-User (reverse 1031 exchange) |
| Transaction | Off-Market |
| Closed | 2026 |
| Sale Price | $10,000,000 |
| Representation | Buyer & Seller — Alex Peck & Zack Barnes | Lee & Associates |
Whether you're weighing a sale, hunting for a replacement property on a 1031 clock, or want to know what your IOS site would trade for today, the Peck CRE Group at Lee & Associates runs discreet, off-market processes across the East Bay.
Industrial Real Estate Specialists | Lee & Associates
Specializing in industrial real estate across the East Bay and Greater Sacramento, the Peck CRE Group brings deep submarket knowledge, data-driven analysis, and hands-on transaction experience to every deal. We help private investors, owner-users, and tenants identify and secure the right industrial properties across Contra Costa, Alameda, and Solano Counties and beyond.