{"id":1004715874,"date":"2024-06-04T04:10:08","date_gmt":"2024-06-04T12:10:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004715874"},"modified":"2024-06-11T09:11:18","modified_gmt":"2024-06-11T17:11:18","slug":"intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m\/","title":{"rendered":"Intercontinental, Kennedy Wilson Buy Central Valley Asset for $72M"},"content":{"rendered":"\n

Intercontinental Real Estate Corp., in joint venture with Kennedy Wilson, has acquired Stockton Commerce Center, a fully leased 655,976-square-foot warehouse and distribution facility in Stockton, Calif., for $71.8 million.<\/p>\n\n\n\n

\"Stockton
Stockton Commerce Center traded for $71.8 million. Image courtesy of Kennedy Wilson<\/em><\/figcaption><\/figure>\n\n\n\n

The seller was not disclosed, but information from CommercialEdge indicates that the previous owner was a limited partnership affiliated with DRA Advisors. The same source stated that the Class B property was completed in 1988.<\/p>\n\n\n\n

The property is on a 36.7-acre site at 1624 Army Court, immediately adjacent to an 877,648-square-foot manufacturing and distribution facility that the joint venture acquired in 2022.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Mastering Supply Chain Challenges<\/a><\/p>\n\n\n\n

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The Central Valley location is just off State Route 4 and only five minutes from the Port of Stockton and I-5. The two facilities are also served by Stockton Metropolitan Airport and several railways, including Union Pacific, BNSF and the Stockton Terminal & Eastern Railroad.<\/p>\n\n\n\n

Jeff Chiate, Rick Ellison and Matt Leupold of Cushman & Wakefield\u2019s National Industrial Advisory Group\u2013West represented the seller.<\/p>\n\n\n\n

Size matters<\/h2>\n\n\n\n

The Central Valley\u2019s industrial space market has been marked in recent months by strong interest in spaces of 200,000 square feet or less, according to a first-quarter report from Colliers. In the meantime, a single tenant snapping up San Joaquin County\u2019s two largest available spec buildings has left \u201cno remaining options for anyone who needs space in excess of 1 million square feet.\u201d<\/p>\n\n\n\n

Colliers also reported that San Joaquin County currently has an overall vacancy of 7.3 percent on an inventory of 136.8 million square feet. Net absorption in the first quarter was 2.0 million square feet, and 3.1 million square feet were under construction.<\/p>\n\n\n\n

In January, DRA Advisors and Rising Realty Partners acquired a 531,308-square-foot, six-building industrial portfolio<\/a> in Stockton and nearby Lodi, Calif., for an undisclosed amount.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility adjoins an industrial property the partners acquired in 2022. <\/p>\n","protected":false},"author":882,"featured_media":1004715889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,15],"tags":[35498,32799,33919,32962,33237],"class_list":["post-1004715874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-west","tag-colliers","tag-cushman-wakefield","tag-dra-advisors-llc","tag-intercontinental-real-estate-corporation","tag-kennedy-wilson"],"acf":[],"yoast_head":"\nIntercontinental, Kennedy Wilson Buy Central Valley Asset for $72M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Intercontinental Real Estate Corp. and Kennedy Wilson have acquired Stockton Commerce Center, in Stockton, Calif., for $71.8 million.\" \/>\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\/intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intercontinental, Kennedy Wilson Buy Central Valley Asset for $72M\" \/>\n<meta property=\"og:description\" content=\"Intercontinental Real Estate Corp. and Kennedy Wilson have acquired Stockton Commerce Center, in Stockton, Calif., for $71.8 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-04T12:10:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T17:11:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Stockton-Commerce-Center-featured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"778\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/intercontinental-kennedy-wilson-buy-central-valley-asset-for-72m\/\",\"name\":\"Intercontinental, Kennedy Wilson Buy Central Valley Asset for $72M - 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