SAN ANTONIO, Texas, March 21, 2014 /PRNewswire/ -- USAA Real Estate Company has announced the acquisition of a Class A modern bulk warehouse distribution portfolio located in Stockton in California's Central Valley, the fastest growing region in California. The two building, 916,035 square foot portfolio was developed between 2008 and 2009 to the highest of specifications. CBRE's Industrial Real Estate team consisting of Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane, represented USAA in the portfolio transaction and are currently representing USAA as the listing team for both properties www.cbre.us/o/stockton/teams/ind-stockton/
"The Stockton Industrial Portfolio represents a compelling opportunity for USAA to add value to two outstanding and versatile industrial properties in centrally located Stockton, California," commented USAA Real Estate Company President and CEO, Len O'Donnell. "Just two hours from the West Coast and the Bay Area, Stockton is enjoying growing demand as a distribution point for industries operating in Northern California."
Building 1 of The Stockton Industrial Portfolio features 30,000 square feet of state-of-the-art freezer space and 190,000 square feet of state-of-the-art cooler space, making it an almost unique find in Northern California where other cooler/freezer space options are of significantly lower quality and age. The property also features 500,000 square feet of dry storage space as well as 32,000 square feet of office space located across three distinct locations. This flexible new facility, originally a build-to-suit to serve the former owner's warehouse and distribution needs for Northern California, also features 15 acres of land which could accommodate future parking or additional out buildings. Already equipped with its certificate of occupancy and entitled expansion Building 1 can be rapidly repositioned to serve multiple needs.
"As one of very few occupancy-ready, institutional-grade bulk distribution centers in the market and the only one presently available to have been constructed to current superior build-to-suit requirements, the Stockton Industrial Portfolio is remarkably well positioned to capitalize on positive regional market fundamentals and generate strong interest from tenants and real estate investors alike," commented Justin Hildebrandt, Executive Director for USAA Real Estate Company's Northwest Region.
Building 2, originally built as a speculative, multi-tenant warehouse and distribution center features approximately 500 square feet of office space along with around 165,000 square feet of cold, dark warehouse and distribution space. The property, which has only served as a furniture and equipment storage depot, was acquired with an adjacent 2.5 acre lot which can be used to expand parking for auto or trailer parking.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About CBRE Group, Inc.
CBRE Group, Inc. (CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
- Real Estate
- Mergers, Acquisitions & Takeovers
- USAA Real Estate Company
- Northern California