A vast swath of Sacramento's industrial real estate assembled over a lifetime by late developer Joe Benvenuti has been purchased by Westcore Properties, of San Diego, as part of a $600 million deal announced today.
The transaction is the largest industrial real estate acquisition in California this year and the second largest in the United States, according to Mark DeMetre, managing director of the Sacramento office of Jones Lang LaSalle, which helped broker the deal.
It includes about 8,000,000 square feet of commercial and industrial space in Natomas, West Sacramento and Placer County that's currently rented to the state of California, FedEx and other tenants, he said. Another 3,000,000 square feet of properties, also included in the purchase, are located in the Midwest.
The sale represents the passing of the mantle of commercial real estate from Sacramento's small group of wealthy local owners, such as Benvenuti, to large institutional investors, DeMetre said. It also represents an expression of faith by Wall Street in the future of Sacramento's commercial real estate market, he said.
"Its a huge statement," DeMetre said.
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