STOCKTON, CALIF. – A joint venture between USAA Real Estate Company and Seefried Properties has acquired a two-property industrial portfolio in Stockton for a reported $51.5 million. The portfolio includes a 750,561-square-foot building inside the Newcastle Logistics Center, which is located at 4650 Newcastle Road, and a 165,474-square-foot building inside the Performance Logistics Center at 834 Performance Drive.
The 916,035-square-foot portfolio was developed between 2008 and 2009. Both buildings are occupancy-ready, institutional-grade bulk distribution centers.
The JV purchased the portfolio in a bankruptcy process. USAA was represented by Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane of CBRE’s Industrial Real Estate team. The team also serves as the leasing agents for both properties.