STOCKTON, CA—USAA Real Estate Company has acquired a class A modern bulk warehouse distribution portfolio located in the Central Valley, the fastest growing region in California. The two building, 916,035 square foot portfolio was developed between 2008 and 2009 to the highest of specifications. CBRE’s Industrial Real Estate team consisting of Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane, represented USAA in the portfolio transaction and are currently representing USAA as the listing team for both properties.
“The Stockton Industrial Portfolio represents a compelling opportunity for USAA to add value to two outstanding and versatile industrial properties in centrally located Stockton, California,” commented USAA Real Estate president and CEO, Len O’Donnell. “Just two hours from the West Coast and the Bay Area, Stockton is enjoying growing demand as a distribution point for industries operating in Northern California.”
Building 1 of the portfolio features 30,000 square foot of state-of-the-art freezer space and 190,000 square feet of state-of-the-art cooler space, making it an almost unique find in Northern California where other cooler/freezer space options are of significantly lower quality and age. The property also features 500,000 square feet of dry storage space as well as 32,000 square feet of office space located across three distinct locations. This flexible new facility, built-to-suit for the former owner’s warehouse and distribution needs for Northern California, also features 15 acres of land which could accommodate parking or expansion. Already equipped with its certificate of occupancy and entitled expansion Building 1 can be rapidly repositioned to serve multiple needs.
“As one of very few occupancy-ready, institutional-grade bulk distribution centers in the market and the only one presently available to have been constructed to current superior build-to-suit requirements, the Stockton Industrial Portfolio is remarkably well positioned to capitalize on positive regional market fundamentals and generate strong interest from tenants and real estate investors alike,” commented Justin Hildebrandt, executive director for USAA Real Estate’s Northwest Region.
Building 2, built as a speculative, multi-tenant warehouse and distribution center features approximately 500 square feet of office space along with around 165,000 square feet of cold, dark warehouse and distribution space. The property, which has only served as a furniture and equipment storage depot, was acquired with an adjacent 2.5 acre lot which can be used to expand parking for auto or trailer parking.
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.