BOSTON–(Company WIRE)–Jul 28, 2022–
Intercontinental True Estate Company (“Intercontinental”) in joint undertaking with Kennedy Wilson has obtained Stockton Industrial Park, an 877,648-square-foot manufacturing and distribution facility in Stockton, CA, for $84 million.
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Intercontinental Serious Estate Corporation in joint enterprise with Kennedy Wilson has acquired Stockton Industrial Park, an 877,648-square-foot production and distribution facility in Stockton, CA, for $84 million (Image: Small business Wire)
Positioned at 1604 Tillie Lewis Push in the greatest industrial submarket in California’s Central Valley, the facility is located on just about 40 acres off of Point out Route 4, just 5 minutes from I-5 and the Port of Stockton. The property is also conveniently positioned around quite a few important railways, which includes Stockton Terminal & Japanese Railroad, UP Intermodal and BNSF Intermodal, as properly as Stockton Metropolitan Airport. Stockton is preferably located with direct truck access, both equally north-south by means of I-5 and Point out Highway 99 and east-west by way of I-205, I-580 and I-80, allowing for service during California, Nevada and other western states.
Consisting of 3 hugely useful and conveniently divisible properties, Stockton Industrial Park capabilities 24’ to 28’ apparent heights, enough dock-high and grade-stage loading and a vast assortment of unit dimensions for warehouse and/or production functions. The premier of the buildings, totaling 570,000 sq. ft, features direct rail service.
“Combine the ongoing enlargement of e-commerce with today’s source chain that is currently being pushed for greater positioning and efficiency, as perfectly as a Central Valley industrial market place that was 2nd nationally in rent advancement, and it’s quick to see what an opportunity this was to obtain a large-quality, perfectly-situated industrial and logistics home primed to further more capitalize on these trends,” mentioned Jessica Levin, Senior Director, Acquisitions at Intercontinental who led the acquisition.
Stockton Industrial Park represents Intercontinental’s 35 th industrial acquisition, bringing the Boston-centered personal fairness authentic estate firm’s holdings to far more than 11 million sq. toes of industrial house.
“Stockton Industrial Park is positioned pretty nicely to reward from all the significant drivers of a burgeoning industrial sector, which include the broad shopper demand from customers of the country’s most populous state,” extra Allen Logue, Director, Acquisitions at Intercontinental. “With rents 21 per cent under sector, its price-incorporate opportunity can make it that substantially more a prize in our expanding industrial portfolio.”
This is the 1st financial investment for the Intercontinental/Kennedy Wilson joint enterprise. Kennedy Wilson, a Beverly Hills, CA-primarily based global authentic estate financial investment company, has close to $23 billion in assets underneath administration, which includes 11 million sq. feet of industrial area across the Western U.S. and Europe.
“The asset’s fantastic location and strategic upside, merged with the industrial sector’s macro developments which includes strong ecommerce development, make this acquisition a lead-off homerun for this new joint venture with Intercontinental,” reported Gary Palmer, President of Professional Investments at Kennedy Wilson.
The property was 100 percent leased at closing with a weighted normal lease phrase of about 2.5 years and rents 27% down below industry fees, furnishing significant upside in rental progress. Industrial source in Stockton continues to be limited, with only 5% emptiness throughout industrial property.
CBRE’s Countrywide Industrial Partners Team, led by Barbara Perrier, Darla Longo and Rebecca Perlmutter together with Blake Rasmussen and Tyler Vallenari of Cushman and Wakefield promoted the home for sale on behalf of the seller, a New York-dependent owner and operator of logistics real estate.
CBRE represented the seller in the transaction.
About Intercontinental Real Estate Corporation
Intercontinental Serious Estate Company is an SEC Registered Financial commitment Adviser with a long time lengthy experience in real estate expense, finance, progress, construction management and asset administration. Since 1959, Intercontinental and its affiliate marketers have managed, designed, or owned collectively around $21 billion in authentic estate house. These days, Intercontinental manages a true estate portfolio of about $15.5 billion for its clientele. The Intercontinental portfolio is diversified equally by strong assets mix and by geography. Fund methods actively search for alternatives to spend in each Main and Core-Plus attributes, as perfectly as in Worth-Include running qualities and progress assignments. Go to www.Intercontinental.web for additional information.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a top world wide genuine estate expense organization. We personal, function, and make investments in real estate by means of our equilibrium sheet and by way of our investment decision administration platform. We concentrate on multifamily and business attributes found in the Western U.S., U.K., and Ireland. For extra details, be sure to visit www.kennedywilson.com.
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PUB: 07/28/2022 06:00 AM/DISC: 07/28/2022 06:02 AM