By Jon Peterson
A major institutional investor based in California has placed on the market for sale five industrial properties in Northern California totaling 1.55 million square feet, according to sources that are aware that these assets. No pricing guidance is available at this time.
The listing agent on the sale is CBRE, which is working through its National Partners entity. Among those working on the sale are Darla Longo, vice chairman, and Rebecca Perlmutter, senior vice president. CBRE declined to comment when contacted for this story.
The fully-leased properties in the portfolio are located in four different markets across the Northern California region. Two of the properties are located in Lathrop at 11960 and 11980 South Harlan Road. These two buildings total just over 489,000 square feet and are both leased to Ghirardelli Chocolate Company. The leases on both of these buildings expire in June 2022.
The largest single asset in the portfolio is the 434,980 square foot building located at 931 Runway Drive in Stockton. This building is 100 percent occupied by BMW North America. It has a lease that doesn’t expire until April 2027. This property was first developed in 2005 and then expanded in 2017. The tenant uses this property for its West Coast distribution of key fobs and apparel.
There is one property in the portfolio located in Fairfield. This is the 330,750 square foot property located at 5191 Fermi Drive. This property is leased to FedEx. This tenant has a lease that will last until November 2028. This location is a mission-critical ground hub for servicing wine manufacturers and distributors in Marin county, the broader Bay Area and the Central Valley.
The final property in the portfolio is the 300,000 square foot building in west Sacramento located at 3050 Ramco Street. The tenant in this asset is HD Supply. It has a lease that expires in April 2021. The building was first developed in 2008.