Intercontinental Real Estate Corporation and Kennedy Wilson Acquire 877,648-square-foot Industrial Park in Stockton, CA
2022年7月28日 - 7:00PM
ビジネスワイヤ(英語)
Intercontinental Real Estate Corporation (“Intercontinental”) in
joint venture with Kennedy Wilson has acquired Stockton Industrial
Park, an 877,648-square-foot manufacturing and distribution
facility in Stockton, CA, for $84 million.
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Intercontinental Real Estate Corporation
in joint venture with Kennedy Wilson has acquired Stockton
Industrial Park, an 877,648-square-foot manufacturing and
distribution facility in Stockton, CA, for $84 million (Photo:
Business Wire)
Located at 1604 Tillie Lewis Drive 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 I-5
and the Port of Stockton. The property is also conveniently located
near several major railways, including Stockton Terminal &
Eastern Railroad, UP Intermodal and BNSF Intermodal, as well as
Stockton Metropolitan Airport. Stockton is ideally located with
direct truck access, both north-south via I-5 and State Highway 99
and east-west via I-205, I-580 and I-80, allowing service
throughout California, Nevada and other western states.
Consisting of three highly functional and easily divisible
buildings, Stockton Industrial Park features 24’ to 28’ 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.
“Stockton Industrial Park is positioned very well to benefit
from all the major drivers of a burgeoning industrial sector,
including the vast consumer demand of the country’s most populous
state,” added Allen Logue, Director, Acquisitions at
Intercontinental. “With rents 21 percent below market, its
value-add potential makes it that much more a prize in our
expanding industrial portfolio.”
This is the first investment for the Intercontinental/Kennedy
Wilson joint venture. Kennedy Wilson, a Beverly Hills, CA-based
global real estate investment company, has approximately $23
billion in assets under management, including 11 million square
feet of industrial space across the Western U.S. and Europe.
“The asset’s great location and strategic upside, combined with
the industrial sector’s macro trends including robust ecommerce
growth, make this acquisition a lead-off homerun for this new joint
venture with Intercontinental,” said Gary Palmer, President of
Commercial Investments at Kennedy Wilson.
The property was 100 percent leased at closing with a weighted
average lease term of approximately 2.5 years and rents 27% below
market rates, providing significant upside in rental growth.
Industrial supply in Stockton remains tight, with only 5% vacancy
across industrial assets.
CBRE’s National Industrial Partners Team, led by Barbara
Perrier, Darla Longo and Rebecca Perlmutter along with Blake
Rasmussen and Tyler Vallenari of Cushman and Wakefield marketed the
property for sale on behalf of the seller, a New York-based owner
and operator of logistics real estate.
CBRE represented the seller in the transaction.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered
Investment Adviser with decades long experience in real estate
investment, finance, development, construction management and asset
management. Since 1959, Intercontinental and its affiliates have
managed, developed, or owned collectively over $21 billion in real
estate property. Today, Intercontinental manages a real estate
portfolio of approximately $15.5 billion for its clients. The
Intercontinental portfolio is diversified both by robust property
mix and by geography. Fund strategies actively seek opportunities
to invest in both Core and Core-Plus properties, as well as in
Value-Add operating properties and development projects. Visit
www.Intercontinental.net for more information.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. We own, operate, and invest in real estate
through our balance sheet and through our investment management
platform. We focus on multifamily and office properties located in
the Western U.S., U.K., and Ireland. For more information, please
visit www.kennedywilson.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220728005167/en/
For Intercontinental Real Estate Corporation Bruce Beck/DB&R
Marketing Communications. (805) 777-7971 (office) (818) 540-8077
(mobile) Bruce@dbrpr.com
Kennedy Wilson (NYSE:KW)
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