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June 17, 2024
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Intercontinental Real Estate Corporation and Kennedy Wilson Spend $71.8 Mil on Stockton Industrial Facility


Stockton Commerce Center, a fully leased, 656k sf warehouse and distribution facility in the California Central Valley city of Stockton, was acquired by a joint venture of Intercontinental Real Estate Corporation and Kennedy Wilson in a $71.8 mil ($109/sf) transaction.

Located on a 36.7-acre site at 1624 Army Court, the property is immediately adjacent to an 877.6k sf manufacturing and distribution facility acquired by the joint venture in 2022. Both facilities benefit from their desirable location off of State Route 4, just five minutes from the Port of Stockton and California Interstate 5 (I-5), the major north south trucking route in California.

The two facilities are also served by several major railways, including Stockton Terminal & Eastern Railroad, UP Intermodal and BNSF Intermodal, as well as Stockton Metropolitan Airport. Stockton is ideally located with direct truck access, both north-south via I-5 and State Highway 99 and east-west via I-205, I-580 and I-80, allowing service throughout California, Nevada and other western states.

“At the geographic center of Northern California, Stockton provides a strategic logistics advantage due to its robust ground transportation system and variety of intermodal solutions,” said Jessica Levin, Managing Director, West Coast at Intercontinental who led the acquisition team. “This was a strategic acquisition for the partnership as it allows us to control two neighboring large scale core assets totaling more than 1.5 msf of highly functional industrial space in one of the most important logistics hubs in the country.”

Intercontinental’s acquisition of Stockton Commerce Center bring the Boston-based private equity real estate firm’s industrial holdings to more than 12 msf. Jeff Chiate, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction.

According to Cushman & Wakefield’s latest market research report, the Central Valley industrial submarket posted a vacancy rate of 6.7% in Q1 2024. Strong barriers to new development coupled with an extremely limited supply of existing product have driven rental rates to historic highs. Notably, according to the report, Stockton housed many of the Central Valley’s largest lease and sales transactions in the first quarter of 2024.

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