Prologis Sells 284 KSF Central Valley Facility

Prologis has sold Northeast Industrial Tracy 6, a 283,713-square-foot industrial facility in Tracy, Calif., for $42.4 million, according to Yardi Research Data. LBA Realty acquired the Central Valley asset.

Prologis previously acquired the asset in January 2002 from Seagate Properties Inc., in a two-building portfolio transaction that totaled north of $20 million. The other property was a 275,000-square-foot warehouse in Modesto, Calif.

The building’s tenant roster includes Restoration Hardware, according to Yardi Research Data. The building sits on 13 acres and has 45 dock-high loading doors.

The 1999-built facility is at 2900 N. MacArthur Drive, near interstates 205 and 580. Downtown San Jose, Calif., is 74 miles away, while Oakland International Airport is 61 miles east.

Prologis currently owns 45 properties totaling more than 23 million square feet in Central Valley, with another 1.5 million under construction. Globally, the company owns about 1.3 billion square feet across 20 countries.

In the U.S., Prologis acquired a 600,000-square-foot asset in South Brunswick, N.J., back in March. ARC Realty sold the warehouse for $166.8 million. During the same month, the firm also sold a 458,620-square-foot asset in Melrose Park, Ill., to a manufacturer that previously leased the space.

Central Valley’s recent major deals

Central Valley’s industrial investment activity totaled $762.5 million year-to-date through August, with 30 properties changing hands, Yardi Research Data shows. The assets totaled 9 million square feet.

EQT Real Estate acquired a 2 million-square-foot industrial portfolio in Manteca, Calif., through its Industrial Value Fund VI, in what was the market’s largest deal this year. CenterPoint Properties sold the four warehouses.

In March, CenterPoint sold a 935,120-square-foot facility in Lathrop, Calif. A private investor paid $85 million for the 2003-completed, 50-acre asset.