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ANTIOCH, CA-A 666,575-sf, two-building warehouse development here has changed hands for $31.5 million. Fowler Property sold the buildings to a partnership of San Francisco-based D.R. Stephens & Co. and Inland American REIT.

The buildings sit on a 37.33-acre site at 2100-2300 Wilbur Ave. that is served by rail. The property, which is close to full occupancy, serves as a distribution hub for Bay Area companies looking to maintain a strategic presence in the East Bay marketplace.

“This is just a market-timing play,” D.R. Stephens principal Lane Stephens tells GlobeSt.com. “We’re assuming that the market is getting better for warehouse.”

The acquisition was strategic in that there isn’t much warehouse inventory in Antioch, he says. The going-in cash-on-cash return on the investment is in the 7% range. The buildings have some deferred maintenance issues that will be taken care of, including a new roof.

“This is as far east as we’ve gone,” Stephens says. “We’ve been tracking this building for three years now and it has always been well leased with leases that are shorter term. As the market improves, we will be able to catch it right away.”

Jesse Lucas and Drew Fischer of Lee & Associates Oakland represented D.R. Stephens. CB Richard Ellis represented Fowler.

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