(EDITOR’S NOTE: The sale on the NorCal Logistics Center in Stockton, Calif. closed for $105.3 million, according to sources familiar with the details of the property transaction. The cap rate on the sale was sub five percent. The listing agent on the sale was CBRE, which included Rebecca Perlmutter, a senior vice president in the firm’s San Francisco office. CBRE declined to comment when contacted for this story.)
Seattle, WA (March 14, 2019) – Today, Bentall Kennedy (U.S.) Limited Partnership (Bentall Kennedy) announced its acquisition of a fully-leased industrial building at NorCal Logistics Center in Stockton, California, on behalf of its US Core Fund. Completed in 2018, the building is a best-in-class cross-docked warehouse totaling 1,122,341 square feet on 53.52 acres. The seller of the property is a partnership between CT Realty and Diamond Realty Investments. CT Realty will be retained as the property manager.
“NorCal Logistics Center was developed to serve the demands of today’s most progressive logistics users while meeting the most stringent institutional investor demands,” said Carter B. Ewing, Managing Partner at CT Realty. “We are excited to welcome Bentall Kennedy to a growing list of sophisticated institutional building owners within the NorCal Logistics Center. Their interest in working with us to acquire the building from our development venture further validates our project.”
“Our investment in the NorCal Logistics Center building represents an opportunity to generate long-term, attractive returns for our fund given that its quality stands out in the marketplace and the space is fully leased to a strong credit tenant,” said Steve Reents, Senior Vice President, and Head of Transactions for the Western U.S., Bentall Kennedy. “Strong market conditions and the strategic location of this warehouse add to our belief in this investment.”
NorCal Logistics Center is located in the Central Valley city of Stockton, California, approximately 57 miles east of the San Francisco Bay Area. The property benefits from its proximity to Interstate 5 and State Route 99, and is 3.5 miles from the Stockton Metropolitan Airport, a full-service airport that features top-of-the-line air cargo capabilities ideal for large cargo delivery.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is a leading global real estate investment advisor and one of North America’s foremost providers of real estate services.Bentall Kennedy serves the interests of more than 540 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. BentallKennedy’s Investment Management group has approximately $36 billion (USD) / $49 billion (CAD) of assets under management (as of December 31, 2018). Bentall Kennedy is one of the largest real estate services providers in Canada, managing more than 60 million square feet on behalf of third-party and investment management clients (as of December 31, 2018). BentallKennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the eighth consecutive year since GRESB was launched.Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy.For more information, visit www.bentallkennedy.com.
Since its establishment in 1994, Newport Beach, Calif.-based CT Realty has completed more than 300 transactions valued at more than $3 billion. CT is primarily focused on the investment of Class A industrial logistics developments throughout the U.S., having acquired 2,400 acres of industrial land since 2010 that will support 32 million square feet of logistics buildings upon completion. CT has active developments in Northern and Southern California, Dallas/Ft. Worth, Atlanta, Illinois, Indianapolis and New Jersey, and continues to expand into new markets nationwide. ctrinvestors.com