STOCKTON, CALIF. — Newport Beach-based CT has completed the sale of two newly constructed industrial buildings within its NorCal Logistics Center in Stockton. Prologis acquired the properties for $47 million.
Totaling 575,127 square feet, the assets mark the initial completion of CT’s three-building Phase I development of the larger 4.4 million-square-foot NorCal Logistics Center. Prologis paid approximately $82 per square feet for the buildings, which were unleased and in shell condition at closing.
Cushman & Wakefield’s Kevin Dal Porto, Blake Rasmussen and John McManus represented CT, while Prologis was self-represented in the deal.
Situated on a 345-acre site, NorCal Logistics Center is home to General Mills, KeHE Foods, Allen Distributors and Fox Head.