WEST SACRAMENTO—Industrial investor demand continues at a fever pitch for not only Sacramento but cold storage facilities in general. Local developer Buzz Oates Companies recently capitalized on this widespread trend by purchasing a 135,885-square-foot facility for $20.8 million at a 4.91% cap rate.
The facility located at 3925 Seaport Blvd. is fully leased to one of the grocery stores owned by privately held Raley's. Buzz Oates' knowledge of both Raley's and the asset were drivers in the purchase.
Ben Prater, associate director at Stan Johnson Company, represented the Emeryville-based private seller, Libitzky Properties Companies. Both parties were involved in 1031 exchanges.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
