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1/12/24
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DRA Advisors and Rising Realty Partners have teamed up in the purchase of a six-building industrial portfolio totalling 531.3k sf in the CA Central Valley cities of Tracy and Stockton. The price was not disclosed.
The portfolio includes a mix of single and multitenant NNN-leased industrial warehouse and distribution buildings situated on 40.92 acres. The portfolio provides the buyers immediate scale in the Central Valley while the diversified rent roll lowers the overall risk profile of the deal. The six-building portfolio features 14- to 26-foot clear heights, concrete tilt-up construction, wet sprinklers, ample auto parking and a combined 107 dock-high and 39 grade-level doors.
The portfolio is ±98% leased to 14 tenants including Altium Packaging LP, Southwest Traders Incorporated and Allen Distribution, who each lease one of the three single-tenant leased properties that contribute ±85% of the portfolio’s rentable square footage.
The portfolio’s properties are found in the sought-after Stockton and Tracy submarkets of the Central Valley, offering convenient local and regional access via I-5, CA-99, I-580 and I-280. The six-buildings can reach major air and seaports including the Port of Stockton, Port of Oakland, and San Francisco, Oakland and San Jose International Airports are accessible from the Portfolio within a two-hour drive.
Ryan Sitov and Mark Detmer with JLL Capital Markets represented the seller and procured the buyers in the deal. Tim Mustin, John Fondale and Courtney Cranston, also with JLL, are the leasing team for the property.
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