RICHMOND >> A big hunk of land in Richmond where an industrial and logistics center is being built has been bought by a local real estate firm in a deal that tops $100 million.

San Rafael-based Pell Development bought the 20.7-acre Richmond property, according to documents filed on Feb. 6 with the Contra Costa County Recorder’s Office.

Acting through an affiliate, Pell Development paid $115.2 million for the site, the county real estate records show.

The transaction is one of the largest property purchases by dollar amount in the East Bay so far in 2023.

The just-bought site is located at 177 Parr Boulevard in an unincorporated section of Richmond, the county records show.

The parcel is one of two sites near the corner of Richmond Parkway and Parr Boulevard where a project of two large industrial, warehouse and logistics buildings is being developed, according to documents on file with Contra Costa County planners.The seller in the deal was Scannell Properties, which successfully obtained approval for the two-building industrial center.

Together, the two warehouse fulfillment buildings total 325,000 square feet, county planning documents show. One building in the project totals 206,000 square feet and the other totals 119,000 square feet.

The site the Pell Development affiliate bought contains the larger of the two buildings, county real estate and planning documents show.

FedEx is eyeing the two-building development as a fulfillment center and would be a tenant in the complex, according to commercial real estate agents.

Pell Development’s $115.2 million purchase of the site followed within weeks its sale of land in Livermore for $75 million. Pell Development, a family-owned real estate firm, used the same affiliate, Arroyo/Livermore Business Park, in both the Livermore sale and the Richmond purchase.

On Jan. 19, Pell Development sold 29.8 acres of empty Livermore land to Trumark Homes, which intends to develop 434 residences there. The Livermore land deal was arranged through brokers Michael Lloyd and John Steinbuch of Colliers, a commercial real estate firm.

In Richmond, Overaa Construction broke ground on the two-building complex in June 2022. The timeline for the completion of the two warehouse fulfillment center buildings wasn’t immediately known.

“All operations on-site will be zero emissions and 100% of the truck fleet based on-site will be zero emissions within five years,” Overaa stated at the time the construction project began.