Six-building warehouse & distribution portfolio trades in the Central Valley of California
JLL Capital Markets worked on the sale of the 531,308-square-foot industrial portfolio
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.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $39 billion of real estate. The acquisitions include 94 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units. As of September 30, 2023, DRA has $13.2 billion in gross assets under management. To learn more, visit draadvisors.com.
About Rising Realty Partners
Rising Realty Partner is a family-owned, Los Angeles-based, vertically-integrated real estate investment and operating platform specializing in creating world-class commercial properties. With more than 5 million square feet under management, Rising's approach to real estate investing and operating focuses on advancing environmental, technological, and social impacts. Visit risingrp.com to learn more.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.