LBA Logistics acquires Sacramento industrial property
Sacramento Foodco Investors has sold 3771 Channel Drive, a 624,356 square foot warehouse/distribution center in West Sacramento, California to LBA Logistics.
Colliers Sacramento represented oth parties in the transaction. Newport Real Estate Services’ President Glen Alllen served as asset manager for the seller, orchestrating a multimillion dollar restoration of the property.
Tommy Ponder, Colliers’ vice president, said, “It’s unarguably one of the best submarkets in our region. We’re seeing a lot of institutional money circle our market as one of the last places for affordable property and value-add opportunities like this.”
In addition, this was a private sale, with Colliers coming up with a list of 20 logical buyers, from which five offers emerged. Upon closing, the property was 63 percent leased. The company takes up the majority of the building’s space. Besides, it has an approximately 180,000 square foot cold storage facility which has been trying to lease.
Tommy Ponder said that the 50 acre site also includes opportunities for expansion and future development of up to 300,000 square feet.
He added, “It’s a great location because of being close to all access points and all major freeways and interstates, so from a logistics standpoint, it’s really strong. That definitely played into the opportunity.”
Source: CP Executive
Fulya Altunyay/ [email protected]