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MODESTO, CA-A seven-building industrial portfolio totaling approximately 884,754 square feet here has been sold off to multiple buyers for an aggregate price of $27.3 million or $30.85 per square foot, according to the listing agency, Voit Commercial Brokerage. The properties all sit within the Beard Industrial District, a 2,000-acre industrial park zoned for commercial and industrial use 85 miles east of the San Francisco Bay area. The joint sellers of each of the properties were Save-Most Alicia Hills Ltd. and Foremost MacArthur Park LLC.

“The properties have excellent access to rail, road and air transportation routes, making them ideally located for distribution to the West Coast and surrounding regions,” says Alan Pekarcik, executive vice president of Voit Commercial Brokerage’s Irvine office, who with fellow Voit broker Dan Vittone and Mark Reckers of Lee & Associates represented the sellers. Pekarcik and Vittone assisted the sellers in their 2005 acquisition of the portfolio.

Amir Development, a Beverly Hills, CA-based homebuilder, acquired three of the properties including 214 Wieland Ave., a 154,818-square-foot building 2336 Doherty Ave., a 171,250-square-foot building; and 601 Riverside Ave., a 231,101-square-foot building. The first two buildings, which were fully leased, sold at cap rates in the mid-8% range. The third property was sold vacant but Amir reportedly had a tenant in tow during escrow.

Owner-users acquired the remainder. Benjamin Steele acquired 427 Doherty Ave., a 67,500-square-foot building; SaveMart Supermarkets acquired 501 and 533 Doherty Ave., 51,676- and 82,500-square-foot buildings, respectively; and Dr. Stephen Endsley acquired 2105 Nathan Ave., a 126,000-square-foot building. Mark Reckers of Lee & Associates represented Benjamin Steele and Dr. Stephen Easley. Tom Solomon of Cosol Commercial Real Estate represented SavOn.

Prior to the sale of some of the buildings in the portfolio, Pekarcik, Vittone and Reckers closed four lease deals totaling $1.7 million to fill vacancies in the portfolio. Tenants who signed leases include G3 Enterprises, a provider of beverage packing products and services; Silgan Containers Corp, one of the largest metal food can suppliers in North America; and Bell Carter Foods Inc, one of the largest table olive suppliers in the United States.

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