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3/24/14
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USAA Real Estate Company purchased two Class A warehouse/distribution properties in Stockton, CA. Built in 2007 and 2009, the two-building, 916k sf portfolio included Newcastle Logistics Center, a 750.6k sf building located at 4650 Newcastle Rd, and Performance Logistics Center, a 165.5k sf building at 834 Performance Dr.
USAA Real Estate Company acquired the portfolio as the successful stalking horse bidder of the sale of assets in a bankruptcy process. Seefried Properties was their joint venture partner in the deal. CBRE’s Industrial Real Estate team consisting of Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane, represented USAA in the portfolio transaction and are currently representing USAA as the listing team for both properties.
Newcastle Logistics Center features 30k sf of state-of-the-art freezer space and 190k sf of state-of-the-art cooler space, making it a very unique find for users with food distribution needs in Northern California where other cooler/freezer space options are of significantly lower quality and age. The property also features 500k sf of dry storage space as well as 32k sf of office space located across three distinct locations.
This flexible new facility, located in close proximity to I-5 and Hwy 99, and less than one mile from the BNSF intermodal yard, was originally a build-to-suit to serve the former owner’s warehouse and distribution needs for Northern California. It also features 15 acres of land which could accommodate future parking or additional out buildings. Already fully finished and built out with significantly above-standard amenities and entitled expansion up to over 1.1 msf, the property can be rapidly repositioned to serve multiple needs.
“Less than two hours from the Port of Oakland and most of the Bay Area, Stockton is enjoying growing demand as a distribution point for industries operating in Northern California”, commented Justin Hildebrandt, Executive Director of USAA Real Estate Company’s Northwest Region. Both of the buildings are occupancy-ready, institutional-grade bulk distribution centers that are well positioned to capitalize on positive regional market fundamentals and generate strong interest from tenants and real estate investors alike.
Performance Logistics Center, originally built as a speculative, multi-tenant warehouse and distribution center, features approximately 500 sf of office space along with around 165k sf of warehouse and distribution space. The property was acquired with an adjacent 2.5-acre lot that can be used to expand parking for auto or trailer parking.
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