Bentall Kennedy Limited Partnership purchased the NorCal Logistics Center for $105.3 million.
STOCKTON, CA—CT Realty recently sold the newly built 1.12 million-square-foot industrial building, NorCal Logistics Center, to Bentall Kennedy (US) Limited Partnership on behalf of its US core fund for $105.3 million. This marks CT's completion of the first phase of development at the 342-acre logistics center located at 4532 Newcastle Rd.
The building was previously one of the largest spec industrial developments in Northern California. CT acquired the 342-acre parcel for development of a 4.4-million-square-foot logistics park in spring 2017. CT has now sold 1.7 million square feet in the three buildings that comprise phase one of NorCal Logistics Center, including this transaction and two buildings that sold to Prologis in 2018. The recently sold building was 100% leased to Amazon at the time of the sale.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
