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TDC Buys Distribution Building for $22.5 Mil

TORRANCE, CA-Transpacific Development Co. has purchased a 431,000-sf distribution facility on behalf of Town Center East, a TDC affiliate. The property, located at 18260 Harlan Road in Lathrop, California, was developed by Higgins Development Partners. The purchase price was $22.5 million.

By Peter Landau | Updated on February 03, 2002

TORRANCE, CA-Transpacific Development Co. has purchased a 431,000-sf distribution facility on behalf of Town Center East, a TDC affiliate. The purchase price was $22.5 million.

The building was built-to-suit for DaimlerChrysler Corp. as a San Francisco Bay area parts distribution center, and was completed in March 2001. Located on 29.11 acres of land adjacent to Interstate 5 in San Joaquin County, the property has surface parking for 200 cars and 83 truck trailers, and includes 32 truck docks. DaimlerChrysler has a long-term lease on the property.

In the current investment environment, it is unusual to find such a high quality, newly developed property, especially with a long-term lease to an entity such as DaimlerChrysler, according to TDC President Thomas G. Irish. Once TDC heard about the property it moved very quickly, and completed the acquisition via an all-cash purchase 28 days after we made our initial offer. Bill Palmer and the Palmer Team from the CB Richard Ellis office in Sacramento brokered the transaction.

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