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WEST SACRAMENTO, CA-Transpacific Development Co. of Torrance, Calif. bought a 623,000 sf distribution facility at 3771 Channel Drive in West Sacramento on behalf of Sacramento Foodco Investors, LLC, a Transpacific affiliate. Transpacific acquired the property from Dallas-based Cardinal Capital Partners for just over $30 million, according to Thomas G. Irish, president of Transpacific.

The property is on 49.74 acres of land just south of Interstate 80 near the Port of Sacramento, and is subject to a long-term lease with Fleming Industries, which operates the property as a Northern California distribution facility.

The site was originally developed in 1981 and has subsequently been expanded several times, Irish says, noting that the sale included approximately 11 acres of undeveloped land for future expansion of the tenant. Considering the competition for investment properties, Irish says, Transpacific felt “fortunate that we were able to complete this transaction.” Irish tells GlobeSt.com that TDC was able to close the deal because the company moved quickly.

“We were the owners of this property within 30 days of hearing about it,” he says. Speed in closing was “a significant factor for the seller,” he says, so Transpacific completed due diligence very quickly and placed long-term financing on the property at the time the transaction was completed. “We felt we should take advantage of this opportunity and the low interest rate environment,” Irish says. Morgan Stanley provided financing, which was brokered by Daniel Wilkinson of Colliers Wilkinson & Snowdon of Memphis, Tenn.

The purchase was part of an acquisition program that Transpacific began after selling more than $500 million of real estate in 1998 to Spieker Properties (a REIT since acquired by Equity Office Properties Trust). Irish tells GlobeSt.com that Transpacific hopes to reach $250 billion in acquired assets by the end of the year.

“Although we are still developing property, we now place more emphasis on acquisition rather than development,” he says. “Competition is fierce, but we believe that our track record as a buyer, and the availability of both debt and equity, will allow us to be successful.”

TDC is a real estate development, investment and management firm with holdings in California and Hawaii. Founded in 1954 by Shurl Curci, the company has developed nearly 10,000,000 sf of office, industrial and retail property in the western United States.

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