Intercontinental Real Estate in joint venture with Kennedy Wilson has acquired Stockton Industrial Park, an 877,648-square-foot manufacturing and distribution facility in Stockton, California, for $84 million.
Located at 1604 Tillie Lewis Dr.in the largest industrial submarket in California’s Central Valley, the facility is situated on nearly 40 acres off of State Route 4, just five minutes from Interstate 5 and the Port of Stockton. The property is also located near several major railways, including Stockton Terminal & Eastern Railroad, UP Intermodal and BNSF Intermodal, as well as Stockton Metropolitan Airport.
Consisting of three highly functional and easily divisible buildings, Stockton Industrial Park features 24-foot to 28-foot clear heights, ample dock-high and grade-level loading and a wide range of unit sizes for warehouse and/or manufacturing purposes. The largest of the buildings, totaling 570,000 square feet, offers direct rail service.
“Combine the continued expansion of e-commerce with today’s supply chain that is being pushed for better positioning and performance, as well as a Central Valley industrial market that was second nationally in rent growth, and it’s easy to see what an opportunity this was to acquire a high-quality, well-located industrial and logistics property primed to further capitalize on these trends,” said Jessica Levin, senior director, acquisitions at Intercontinental, who led the acquisition.
Stockton Industrial Park represents Intercontinental’s 35th industrial acquisition, bringing the Boston-based private equity real estate firm’s holdings to more than 11 million square feet of industrial space.
