The property is on 49.74 acres of land just south of Interstate 80 near the Port of Sacramento, and is subject to a long-term lease with Fleming Industries, which operates the property as a Northern California distribution facility.

The site was originally developed in 1981 and has subsequently been expanded several times, Irish says, noting that the sale included approximately 11 acres of undeveloped land for future expansion of the tenant. Considering the competition for investment properties, Irish says, Transpacific felt "fortunate that we were able to complete this transaction." Irish tells GlobeSt.com that TDC was able to close the deal because the company moved quickly.

"We were the owners of this property within 30 days of hearing about it," he says. Speed in closing was "a significant factor for the seller," he says, so Transpacific completed due diligence very quickly and placed long-term financing on the property at the time the transaction was completed. "We felt we should take advantage of this opportunity and the low interest rate environment," Irish says. Morgan Stanley provided financing, which was brokered by Daniel Wilkinson of Colliers Wilkinson & Snowdon of Memphis, Tenn.