PCCP, Koll Co. Acquire Eight-Building Industrial Portfolio in Sacramento, Salt Lake City for $41.3M
WEST SACRAMENTO, CALIF., AND SALT LAKE CITY — A joint venture between PCCP and The Koll Co. has purchased an eight-building industrial portfolio in West Sacramento and Salt Lake City. A private family trust sold the portfolio for $41.3 million.
Totaling 510,7070 square feet, the assets were fully leased at the time of sale.
The three California properties, totaling 226,000 square feet, are located within the Port of Sacramento Industrial Park. Built in 1987, the buildings feature 22- to 26-foot clear heights, dock-high doors, grade-level doors, wet sprinklers, reinforced concrete loading areas and ample parking.
The remaining five properties, totaling 214,000 square feet, are located within Centennial Industrial Park in Salt Lake City. The buildings feature 24- to 27-foot clear heights, dock-high doors and grade-level doors.
Bret Hardy and Kevin Shannon of Newmark Knight Frank represented the seller, while David Milestone of Newmark Knight Frank sourced acquisition debt from California Bank & Trust for the buyer.