{"id":1004262542,"date":"2018-09-05T05:20:54","date_gmt":"2018-09-05T13:20:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004262542"},"modified":"2022-12-09T00:45:09","modified_gmt":"2022-12-09T08:45:09","slug":"nearon-enterprises-enters-sacramento-industrial-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nearon-enterprises-enters-sacramento-industrial-market\/","title":{"rendered":"Nearon Enterprises Enters Sacramento Industrial Market"},"content":{"rendered":"
\"\"<\/a>

Aerial view of 6300 S. Watt Ave. (Image courtesy of Cushman & Wakefield)<\/p><\/div>\n

Nearon Enterprises has purchased a three-building industrial portfolio in Sacramento\u2019s Power Inn submarket. The facilities total approximately 518,000 square feet and are fully leased to American Building Supply Inc., a subsidiary of Jeld Wen.<\/p>\n

Massie & Co. sold the portfolio for $34 million with the assistance of Cushman & Wakefield. The facilities are located at 6300 S. Watt Ave., 8360 Elder Creek Road and\u00a08920 43rd Ave.<\/p>\n

A desirable submarket<\/h2>\n

Built between the late 1980s and 1990s, the facilities are situated on almost 30 acres and can be accessed via interstates 50 and 99. According to Cushman & Wakefield data, the Power Inn submarket is one of the most sought-after industrial areas in Sacramento, which is otherwise known for its\u00a0dynamic retail activity<\/a>. Vacancy in Power Inn was 3.7 percent in August, below the city\u2019s overall industrial vacancy of 4.4 percent.<\/p>\n

\"\"<\/a>

8360 Elder Creek Road (Image via Google Street View)<\/p><\/div>\n

\u201cThe tenant still has several years of term remaining on their lease. This long tenure, coupled with in-place rents approximately 30 percent below market standard will provide stable cash flow and also a value-add component at renewal,<\/em>\u201d said Executive Director Kevin Partington in a prepared statement.<\/p>\n

The team of brokers arranging the transaction included, in addition to Partington, Matt Cologna, Bryce MacDonald, David Nicholson, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Adam Lasoff, Seth Siegel, Steven Hermann and Eric Fox.<\/p>\n

\u201cWith limited entitled land options and skyrocketing construction costs, the properties are pretty well-insulated from downside risk,<\/em>\u201d added Partington.<\/p>\n","protected":false},"excerpt":{"rendered":"

Massie & Co. sold the roughly 518,000-square-foot portfolio for $34 million. The three buildings are fully leased to a long-term tenant.<\/p>\n","protected":false},"author":242,"featured_media":1004508640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,36080,15],"tags":[32799,41915,41909,41912],"class_list":["post-1004262542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-sacramento","category-west","tag-cushman-wakefield","tag-kevin-partington","tag-nearon-enterprises","tag-ron-thomas"],"acf":[],"yoast_head":"\nNearon Enterprises Enters Sacramento Industrial Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nearon-enterprises-enters-sacramento-industrial-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nearon Enterprises Enters Sacramento Industrial Market\" \/>\n<meta property=\"og:description\" content=\"Massie & Co. sold the roughly 518,000-square-foot portfolio for $34 million. 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