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7/24/20
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A joint venture of PCCP LLC and The Koll Company has acquired a 100% leased, 510.7k sf, eight-building industrial portfolio in West Sacramento, CA and Salt Lake City, UT for $41.3 mil ($81/sf). The seller was a private family trust.
“We identified the opportunity to invest in capital improvements, lease up space at market rents as leases expire and rectify operating inefficiencies, all providing a significant increase to asset value,” said Scott Lanni, Principal with The Koll Company.
The properties are located in “A”, infill, supply-constrained locations within their respective markets and benefit from excellent freeway access. The portfolio’s rent roll is diversified across markets and industries.
Located in West Sacramento within the Port of Sacramento Industrial Park, there are three properties totaling 226k sf. They were built in 1987, are near Interstates 80 and 15 and are 13 miles from Sacramento International Airport. They feature 22- to 26-foot clear heights, dock-high doors, grade level doors, wet sprinklers, reinforced concrete loading areas, and ample parking.
The five properties in Salt Lake City are within Centennial Industrial Park. Built in 1995, they total 214k sf and are in groupings of two and three buildings located one mile from each other along Hwy 201, a major thoroughfare in Salt Lake City. The feature 24- to 27-foot clear heights, dock high doors, and grade level doors. The properties are within the California Avenue submarket, which had vacancy between 3% and 6% over the last cycle.
Bret Hardy and Kevin Shannon of Newmark Knight Frank represented the seller in the transaction. David Milestone, also with Newmark Knight Frank, sourced the debt on behalf of the buyer from California Bank & Trust.
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