
Walnut Creek Investor Makes Initial Move into Sacramento Market
Walnut Creek, CA-based Nearon Enterprises made its first entry into the Sacramento region, acquiring a fully-leased industrial portfolio totaling 517,767 square feet from Massie & Co. for $34 million. The sale included the three buildings on nearly 30 acres located at 6300 S. Watt Ave., 8360 Elder Creek Rd. and 8920 43rd Ave., which are fully leased to American Building Supply, Inc. (ABS), a wholly-owned subsidiary of Jeld Wen.
Cushman & Wakefield’s Kevin Partington, Matt Cologna, Bryce MacDonald, David Nicholson, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Adam Lasoff, Seth Siegel, Steven Hermann and Eric Fox represented the seller.
Partington says, “The sale consisted of three well-maintained buildings fully leased to a longstanding single tenant which still has several years of term remaining on their lease. This long tenure, coupled with in-place rents approximately 30% below market standard, will provide stable cash flow and also a value-add component at renewal.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition