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February 28, 2024
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STAG Industrial Purchases 234k sf Fresno Industrial Property for $30 Mil


STAG Industrial, a publicly traded REIT, paid $30.04 mil for a 233.8k sf industrial asset occupied by Caro Nut in Fresno. The property was sold by Caro Nut, a producer of nuts and nut butters for blue-chip retail customers such as Costco and Hormel, in a sale/leaseback deal.

The property is a single-tenant nut processing facility operated by Caro Nut Company, which processes and packages a variety of nuts sourced from around the world and turns them into dry roasted, oil roasted, or pasteurized raw snacking nuts, nut butters and ingredients for major brands, private labels and industrial manufacturers. Property features include 24- to 26-foot clear height, 44- by 48-foot column spacing, 10 dock high doors and four grade level doors, paved and fenced yard and ESFR sprinklers.

Located at 2624 E Edgar Ave in Fresno, the property is ideally located in a major arterial location for California’s manufacturing, processing and distribution operations. It is strategically located off Highway 41 and Highway 99 with excellent visibility and considerable traffic counts. The property is located next to several prominent national manufacturers and brands such as XPO, Aramsco, John Deere, Titan Distributors Inc., FedEx and 7-Eleven.

Carter Lear and Jordan Alleva with Newmark represented the seller in the transaction. According to Lear, leaseback strategies in this environment provide sellers an avenue to finance capital projects or improve their operating margins, while at the same time creating product in a supply constrained market where equity investors have been starved for deal flow.

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