Rising Realty Partners Acquires Industrial Portfolio in California’s Central Valley
Rising Realty Partners (RRP) announced today that it has partnered with DRA Advisors to acquire a portfolio of six light industrial properties totaling 531,308 square feet on a combined 41 acres in Stockton and Tracy, California. Three of the properties are multi-tenant light industrial buildings, while the other three are single-tenant Class B distribution buildings.
The acquisition becomes the largest industrial portfolio owned and managed by RRP. The company now owns and manages nine industrial properties in the greater Sacramento region.
“Acquiring these properties is a strategic addition to our Northern California portfolio,” said Chris Rising, Co-Founder and CEO of RRP. “We’re grateful for the opportunity to unlock value in a sector and market with robust fundamentals and that we know well.”
The acquired properties are 3728 Imperial Way, 3734 Imperial Way, 4730 Fite Court, 4747 Frontier Way, 3727 Metro Road in Stockton, and 75 West Valpico Road in Tracy
Built between 1978 and 2006, the properties are 98 percent leased with functional single and multi-tenant buildings. RRP intends to implement a capital improvement plan which includes new asphalt, paint, and landscaping.
The Portfolio is bounded by Stockton Airport and CA-99 offering convenient access to I-5, I-580, and I-205, priming it as a strategic distribution hub serving the Central Valley and greater Bay Area.
“The building product and location are ideal for logistics-based industrial tenants in the booming Central Valley submarket which has had 2.7 million square feet of positive absorption and an actively declining 6.6 percent vacancy rate,” said Scott Word, Principal of Industrial Investments at RRP. “These are highly functional buildings in fundamentally strong markets that are positioned for significant upside.”