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1/05/21
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Buzz Oates Companies purchased a 135.9k sf industrial facility in West Sacramento for $20.8 mil, or $153/sf. The property, located at 3925 Seaport Blvd, is fully leased to Raley’s, a privately held family of grocery stores in California and Nevada.
The property includes a large percentage of refrigeration and freezer storage which is crucial for Raley’s and helped distinguish the asset from competing properties. The building serves as a production bakery and distribution center for the tenant and is strategically located, serving approximately 150 stores.
Both parties were involved in 1031 exchanges. Stan Johnson Company’s Ben Prater represented the Emeryville-based private seller, Libitzky Properties Companies. The transaction closed at a 4.91% cap rate.
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