USAA Real Estate Company, a subsidiary of USAA, announced this week that it had purchased a two building bulk warehouse distribution portfolio located in Stockton, CA totaling 916,035 square feet. CBRE's Industrial Real Estate team consisting of Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane, represented USAA in the portfolio transaction and are currently representing USAA as the listing team for both properties. Terms of the deal were not disclosed.
"The Stockton Industrial Portfolio represents a compelling opportunity for USAA to add value to two outstanding and versatile industrial properties in centrally located Stockton, California," said USAA Real Estate Company President and CEO, Len O'Donnell. "Just two hours from the West Coast and the Bay Area, Stockton is enjoying growing demand as a distribution point for industries operating in Northern California."
Built in 2008 and 2009, the first building in the portfolio features 30,000 square feet of state-of-the-art freezer space and 190,000 square feet of state-of-the-art cooler space, plus 500,000 square feet of dry storage space as well as 32,000 square feet of office space located across three distinct locations. Building two, originally built as a speculative, multi-tenant warehouse and distribution center features approximately 500 square feet of office space along with around 165,000 square feet of cold, dark warehouse and distribution space.
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