Dalfen Industrial has closed a Northern California acquisition with the purchase of Stockton Supply Chain Center at 4212 Pock Lane in Stockton, Calif. The 55,200 square foot building was built in 1995 and is 100 percent occupied by KMM Corp.
The industrial property is located in a last-mile location with close proximity to both Highway 99 and Interstate 5, as well as multiple intermodals and Stockton Metropolitan Airport (an Amazon air cargo hub). This opportunity was sourced off-market through a relationship with the broker Mike Goldstein of Colliers International and was purchased below replacement cost, with rents 25 percent to 30 percent below market. The market widely surpasses the national average in both population and household growth.
“Stockton Supply Chain Center is an exceptional property and a welcome addition to our West Coast portfolio,” said Rich Weiss, market officer at Dalfen Industrial. “Stockton is a major West Coast distribution hub with same-day delivery capabilities to nearly 46 million people between San Francisco, Sacramento, Los Angeles, San Diego and Las Vegas, and all the cities in between.”
“Adding West Coast industrial assets is crucial to our growth strategy and the ability to provide last-mile distribution facilities in the major U.S. markets,” said Sean Dalfen, president and CIO at Dalfen Industrial. This is one of several West Coast acquisitions Dalfen will be announcing over the next few weeks.
https://irei.com/news/dalfen-industrial-acquires-industrial-property-stockton-calif/