By Kate Snyder
As part of a plan that was announced months ago, an Atlanta-based global investment firm has purchased an industrial building in West Sacramento for $25.9 million, or approximately $175 per square foot, according to the Sacramento Business Journal, which first reported the deal. The buyer was Invesco, and the seller was ROCP III LLC, which is affiliated with developer Ridge Capital, Inc.
The property, located at 3095 Mary Place, is a 148,021 square foot building with 25 dock high doors, two grade level doors and 43 trailer stalls, according to marketing information from Colliers, who is listing the property for lease. According to Google Maps, the property is near an Amazon delivery station, Saladino’s Foodservice Warehouse and Core-Mark International.
Representatives for Invesco declined to comment on the acquisition.
Earlier this year, Invesco bought two spec properties in the Sacramento industrial market that were developed and owned by Ridge Capital and partner Buzz Oates. The two properties, totaling 348,000 square feet, were sold for a combined $61 million, or just over $175 per square foot, according to previous reporting from The Registry.
Those properties are located at 3065 Ramco St. and 3085 Mary Place. The Ramco property is 119,000 square feet and sold for $20.9 million, and the Mary Place property measures at 229,000 square feet and sold for $40.1 million. Both properties were completed in 2020. The property involved in the most recent transaction, at 3095 Mary Place, was planned at that time for acquisition by Invesco as well.
Invesco has been involved in a number of recent transactions in Northern California. In one deal, the firm acquired Butterfield 5 Technology Park, a 410,101 square foot industrial park in Morgan Hill, for $119 million, or roughly $290 per square foot, according to previous reporting by The Registry. Butterfield 5 Technology Park is located on a 24-acre site west of Highway 101 and near Morgan Hill’s central business district at Butterfield Boulevard and Sutter Boulevard. The industrial park was completed earlier this year and includes five Class A buildings suited for Silicon Valley industrial users. HPA, Inc. was the project’s architect, while Lusardi Construction acted as the general contractor.