SAN FRANCISCO, Jan. 11, 2024 - JLL Capital Markets announced today that it arranged the sale of a six-building industrial portfolio totalling 531,308 square feet in Tracy and Stockton, California.
JLL represented the seller and procured the buyers, DRA Advisors and Rising Realty Partners.
The portfolio includes a mix of single and multitenant NNN leased industrial warehouse and distribution buildings totalling 531,308 square feet, 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.
The JLL Capital Markets Investment Sales and Advisory team was led by Ryan Sitov and Mark Detmer. The JLL Market leasing team was led by Tim Mustin, John Fondale and Courtney Cranston.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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Jones Lang LaSalle Inc. published this content on 11 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2024 15:36:12 UTC.
