Dalfen Industrial has completed its ninth California investment with the purchase of Belvedere Logistics Center, a 348,000-square-foot industrial property in Sacramento, Calif. LDK Ventures sold the Class B asset for $42.8 million, with the assistance of CBRE.
Following the transaction, Dalfen’s portfolio grew to 87 industrial properties across several markets, totaling almost 16 million square feet, CommercialEdge data shows. Nearly 1.3 million square feet pertain to California assets.
Belvedere Logistics Center was the largest industrial asset to change hands in Sacramento in the first half of the year, according to CommercialEdge data. The market’s traded square footage totaled more than 2.1 million square feet.
READ ALSO: Why Large Industrial Sales Are Gaining Steam
Completed in 1963, the warehouse features 28-foot clear heights, ESFR fire sprinklers, sky lights and 25 dock wells. The property was fully leased at the time of sale to American Furniture Warehouse and River City Storage.
Situated on 14.8 acres at 8301 Belvedere Ave., within the Power Inn submarket, the property is less than 2 miles from U.S. Route 50 and El Dorado Freeway, connecting it to interstates 5 and 80. Ross Stores, Ferguson and Siemens are other major tenants in the area.
CBRE’s Rebecca Perlmutter, Darla Longo, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Michael Longo, Paige Morgan, Michael Luca and Ryan DeAngelis assisted the seller in the disposition. Perlmutter was also part of the brokerage team that recently arranged the sale of a 258,122-square-foot industrial asset in Morgan Hill, Calif.