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1/18/23
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BentallGreenOak acquired Metro Air Park Logistics Center - Phase I, consisting of two new Class A industrial buildings totaling 308.8k sf in Sacramento. The asset was sold by Badiee Development in a deal said to be worth around $55 mil.
Metro Air Park Logistics Center Building I consists of 183k sf and is situated on 10.5 acres. Divisible to four 40k sf suites, the building features 36’ clear height, 56 trailer and 155 auto parking stalls, 14k sf of office space (built-to-suit), and 31 dock-high and two grade-level doors. Building II consists of 125.7k sf on nearly seven acres. Divisible to two 60k sf suites, the building features 32’ clear height, 103 auto stalls, 10k sf of office space (built-to-suit), and 21 dock-high and two grade-level doors. Both buildings feature ESFR sprinklers and heavy power.
Metro Air Park Logistics Center – Phase II is currently under construction and will consist of a 109.3k sf freestanding building that is scheduled for completion in spring 2023.
Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented Badiee Development in the disposition. The Cushman & Wakefield IAG team is also expected to close on the sale of Building III, also to BentallGreenOak, this coming spring.
“Metro Air Park Logistics Center is a core state-of-the-art logistics project positioned in a highly sought-after industrial and growing housing submarket in the Sacramento region. Driven by ongoing population growth—particularly from in-migration from the nearby SF Bay Area—Sacramento’s industrial market fundamentals remain strong,” said Chiate.
Chiate continued, “Overall tenant demand remains healthy, and the region has continued to attract e-commerce users and large distribution occupiers — prospective occupiers have been more attracted to newly built, high-quality facilities to better fit their operations, which is a key attribute of the Metro Air Park submarket.”
According to Cushman & Wakefield’s latest Q3-2022 market report, overall industrial market vacancy in Sacramento remained tight at 2.9%. The market had recorded 1.4 msf of occupancy growth through the first three quarters of 2022.
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