Intercontinental, Kennedy Wilson make first JV acquisition in Stockton, Calif.

Intercontinental Real Estate Corp., in a joint venture with Kennedy Wilson, has acquired Stockton Industrial Park, an 877,648-square-foot manufacturing and distribution facility in Stockton, Calif., for $84 million.

Located at 1604 Tillie Lewis Drive in the largest industrial submarket in California’s Central Valley, the facility is situated on nearly 40 acres off of State Route 4, five minutes from Interstate 5 and the Port of Stockton. The property is also conveniently located near several major railways, including Stockton Terminal & Eastern Railroad, UP Intermodal and BNSF Intermodal, as well as Stockton Metropolitan Airport. Stockton is ideally located with direct truck access, both north-south via Interstate 5 and State Highway 99 and east-west via Interstates 205, 580 and 80, allowing service throughout California, Nevada and other western states.

Consisting of three highly functional and easily divisible buildings, Stockton Industrial Park features 24- to