Portside Commerce Center seeks new tenant after Moxion meltdown

Richmond's nearly completed Portside Commerce Center is now available for lease after its first tenant, Moxion Power, vaporized last summer, leaving a hundred employees scrambling for employment and making the building's future occupancy unclear.

Brookfield Properties is offering the massive space for an undisclosed amount and marketing it as a potential logistic center, describing the site as "a unique industrial development with maritime access on the Port of Richmond."

The Portside Commerce Center sits on a 15.75-acre parcel on Harbour Way South and boasts 6,757 square feet of office space and a 202,371-square-foot warehouse. Its construction made steady progress over the last year and was nearing the final phase in August, just as alternative energy company Moxion began to show signs of a financial meltdown.

According to the City of Richmond, which owns the property, the commerce center site is under the jurisdiction of the Port of Richmond, known as Terminal 3. The property is zoned as IW (industrial water-related) and has been designated by the Bay Conservation and Development Commission (BCDC) as “Port Priority Use." 

Planning documents show that Moxion Power, the previous tenant, agreed to use "reasonable efforts" to utilize Terminal 3's wharf area to import materials used in its manufacturing and potentially for exporting materials or goods.

According to Brookfield Properties, the project is in the final stages of construction, with completion expected in early 2025. Brookfield says the commerce center benefits from a central location in the Bay Area, providing occupiers with access to the high-earning populations of Marin, Alameda, and Contra Costa County.

"These populations have demonstrated a propensity for e-commerce and are
an attractive consumer base for occupiers," Brookfield Properties states.

Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which is a subsidiary of alternative asset management company Brookfield Asset Management. According to its website, the company operates logistics centers and manages properties worldwide.

Richmond battery start-up Moxion abruptly “furloughs” workers

Richmond’s Moxion Power, the purveyors of “Good Energy and Radical Power,” notified its staff last week that their jobs would be “furloughed,” leaving employees scrambling to find other job opportunities.

Grandview IndependentLinda Hemmila

Thanks to our subscribers, who help make this coverage possible. 

If you are not a subscriber, please consider supporting local journalism with a Grandview Independent subscription.  Here are our monthly and annual subscription plans.
Copyright © 2024 Grandview Independent, all rights reserved.