Intercontinental & Kennedy Wilson Buy Stockton Industrial Park

Intercontinental Real Estate Corporation in joint venture with Kennedy Wilson has acquired Stockton Industrial Park, an 878,000-square-foot manufacturing facility in Stockton, CA. The purchase price for the 40-acre property was $84 million.

“Stockton Industrial Park is positioned very well to benefit from all the major drivers of a burgeoning industrial sector in the country’s most populous state,” said Intercontinental Director of Acquisitions Allen Logue. “With rents 21% below market, its value-add potential makes it that much more of a prize in our expanding industrial portfolio.”

Located at 1604 Tillie Lewis Drive and consisting of three buildings, the complex features 24’ to 28’ clear heights, ample dock-high and grade-level loading and a wide range of unit sizes for warehouse and/or manufacturing purposes. The largest building offers direct rail service as well. The property, which is 100% leased, also has direct truck access to Interstate 5 and Highway 99.