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623,000-SF Distribution Facility Trades for $30M

WEST SACRAMENTO, CA-The buyer is Transpacific Development Co. of Torrance, Calif. The purchase is part of an acquisition program that began after Transpacific sold more than $500 million of real estate in 1998 to Spieker Properties, a REIT later acquired by Equity Office Properties Trust.

By Bob Howard | Updated on August 06, 2002

WEST SACRAMENTO, CA-Transpacific Development Co. of Torrance, Calif. bought a 623,000 sf distribution facility at 3771 Channel Drive in West Sacramento on behalf of Sacramento Foodco Investors, LLC, a Transpacific affiliate. Transpacific acquired the property from Dallas-based Cardinal Capital Partners for just over $30 million, according to Thomas G. Irish, president of Transpacific.

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.

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