A joint venture of PCCP and The Koll Co. has acquired a 100 percent leased, 510,707-square-foot, eight-building industrial portfolio in West Sacramento, Calif., and Salt Lake City, for $41.3 million. The seller was a private family trust.
“This opportunity enabled PCCP to acquire a well-located, cash-flowing industrial portfolio in markets with tight industrial fundamentals,” said Ron Bonneau, managing director with PCCP.
Scott Lanni, principal with Koll Co., added, “We identified the opportunity to invest in capital improvements, lease up space at market rents as leases expire and rectify operating inefficiencies, all providing a significant increase to asset value. We too are looking forward to this strategic partnership with PCCP.”
The properties are located in grade A, infill, supply-constrained locations within their respective markets and benefit from excellent freeway access and the rent roll is diversified across markets and industries.
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