WESTCORE PROPERTIES ACQUIRES CLASS-A INDUSTRIAL BUILDING FOR MORE THAN $11 MILLION
Volkswagen America Will Lease 143,000 Square Feet of Space in the Property
SACRAMENTO, Calif. – Feb. 12, 2015 – With increased demand throughout the Sacramento industrial market and scarcity of Class-A distribution space, Westcore Properties successfully acquired a 200,000-square-foot, Class-A industrial property in Rocklin, California, 22 miles outside of Sacramento, for $11.2 million from 1100 Tinker Road, LLC.
Located at 1100 Tinker Road, the building was constructed in 1998 by Panattoni Development. During escrow, Westcore Properties successfully negotiated a lease with Volkswagen America for the company to utilize 143,000 square feet of space. Volkswagen America will move in mid-2015 and run a parts distribution operation from approximately 70 percent of the building.
“The Sacramento metropolitan area’s industrial sub-market has shown meaningful improvement since the economic downturn,” said Hack Adams, senior vice president for Westcore Properties. “With Class-A industrial properties 93 percent occupied in this region, this was a good time for us to make an acquisition in this sub-market and capitalize on a value-add industrial play.”
Bo Mills, Bill Niethammer and Mike Zimmerman of Jones Lang LaSalle represented Westcore Proprieties in the transaction.
“The Jones Lang LaSalle team was integral in bringing this opportunity to us and trusting that we could execute the transaction quickly. We immediately recognized the value of the unique tenant circumstances surrounding the property, as well as the positive signs of growth that are materializing in the overall Sacramento market,” added Adams.