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| Ben Prater |
The 135,885-square-foot industrial facility is fully leased to Raley’s, which is a privately held family of grocery stores in California and Nevada.
Stan Johnson Company’s Ben Prater represented the Emeryville, California-based private seller, Libitzky Properties Companies.
The buyer, Buzz Oates Companies, was a local developer who purchased the asset for $20.8 million at a 4.91 percent cap rate. Both parties were involved in 1031 exchanges.
“We brought the deal to market just as the pandemic hit, which created a few challenges, but due to the high quality and cold storage nature of the property, the asset quickly became highly sought-after,” said Prater, Associate Director in Stan Johnson Company’s Sacramento, California office.
“We were able to achieve above-market pricing through an aggressive marketing campaign, and our buyer ended up being a local developer who was familiar with the asset and the tenant.”
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| 135,885-square-foot industrial facility 3925 Seaport Boulevard, Sacramento, CA |
The property includes a large percentage of refrigeration and freezer storage which is crucial for Raley’s and helped distinguish the asset from competing properties.
The building serves as a production bakery and distribution center for the tenant and is strategically located, serving approximately 150 stores.
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