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11/17/16
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Westcore Properties has boosted its portfolio with the recent purchase of a 172.5k sf industrial property in Stockton for $6 mil, or $35/sf. The property, located at 4545 Qantas, was sold by Sacramento-based Friedman Family.
The building is 100 percent leased to PacTiv for three years. This buy, and other purchases, represent Westcore’s continuing strategy to provide its coastal California tenants lower cost options for their distribution and manufacturing operations. Combined with Westcore’s recent entry into the industrial real estate markets of Seattle, Reno and Phoenix, the Stockton purchase provides the company’s client base a seamless real estate strategy to expand into growing industrial markets.
Robert Taylor and Tim Mustin of JLL represented the seller in this transaction. Taylor points out that Stockton is a recovering industrial market benefiting from the e-commerce boom as well as manufacturing across multiple industry sectors.
According to JLL research, 820.4k sf of space was absorbed in the Central Valley’s industrial market in the third quarter, the seventh consecutive quarter with absorption over 500k sf. Tenant demand in the area is currently estimated to be 2.425 msf.
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