MODESTO, CA-Indianapolis-based Duke Realty has closed on its purchase of 1000 Oates Court, a 726,299-square-foot warehouse distribution building here in Modesto, CA. The building was purchase from HRC Modesto LLC.
Kevin Ahaesy, Jason Ovadia and Bob Taylor of Jones Lang LaSalle handled the transaction, working with Chris Burns, AVP of acquisitions for the Western Region of Duke Realty. And while no further terms of the deal could be disclosed, Burns points out that “Northern California's Central Valley continues to attract strong credit tenants looking for class A bulk distribution facilities and remains a key target for our Western portfolio.
1000 Oates Court has been occupied solely by Conagra Foods Inc. since opening in the early 2000s It was built to house the main West Coast distribution hub of the giant packaged foods company and is currently leased through 2018.
The building is situated south of the city of Modesto close to Highway 99 (Golden State Highway) and is also served by rail.
This is the second major purchase transaction completed by Duke in Northern California's Central Valley during the fourth quarter. In October, Duke purchased a 552,450-square-foot industrial warehouse building at 600 Spreckels Dr. in Manteca. That building is currently leased by Delicato Wines.
“The Central Valley is the major distribution hub for Silicon Valley and San Francisco and the ongoing economic expansion within those key areas of the Northern California economy makes class A properties such as 1000 Oates Court very attractive to knowledgeable buyers like Duke Realty,” Ahaesy says.
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
