Intercontinental Real Estate, in collaboration with Kennedy Wilson, has completed the acquisition of a warehouse and distribution facility valued at $71.8 million in Stockton, California. The property, known as Stockton Commerce Center, spans 655,976 square feet and sits on a 36.7-acre site at 1624 Army Court. This facility is fully leased and is positioned adjacent to another manufacturing and distribution facility that the two firms purchased in 2022.
Steve Cook, Managing Director of Acquisitions at Kennedy Wilson’s US commercial group, expressed satisfaction with the expansion of their partnership with Intercontinental, noting the acquisition builds on their successful industrial investments in Stockton. “We believe there is a promising runway for continued industrial growth in the Central Valley, and with capabilities for cold storage, this high-quality asset fills an important need in the local market,” Cook stated.
Jessica Levin, Managing Director, West Coast at Intercontinental Real Estate, highlighted the strategic importance of the location. “At the geographic center of Northern California, Stockton provides a strategic logistics advantage due to its robust ground transportation system and a variety of intermodal solutions,” Levin remarked. She further explained that this acquisition is strategic for the partnership as it consolidates control over two neighboring large-scale core assets, together totaling more than 1.5 million square feet of highly functional industrial space in a key logistics hub.
This latest acquisition increases Intercontinental Real Estate’s industrial holdings to over 12 million square feet. The Boston-based private equity real estate firm is currently ranked 108th in the IPE Real Assets Top 150 Real Estate Investment Managers 2023 league table.
Your go-to for supply chain report news updates: The Supply Chain Report. For international trade tools, see ADAMftd.com.
#WarehouseInvestmentNews #IndustrialRealEstate #LogisticsHub #SupplyChainManagementNews #RealEstateDevelopmentNews
