Newport Beach-based CT Realty Investors has found a buyer for two of the first three industrial buildings it constructed at its NorCal Logistics Center, a 345-acre development site in the Central Valley of Stockton that it bought last year.
The privately held firm said San Francisco-based industrial giant Prologis Inc. paid $47 million for the currently unleased buildings, which total 575,127 square feet, or $82 per square foot.
The buildings are part of CT Realty’s first phase of development for the logistics center about 75 miles east of the Port of Oakland. It’s near the inland Port of Stockton and Burlington Northern Santa Fe’s intermodal rail yard, one of the rail company giant’s largest area facilities.
CT Realty plans for the development to ultimately total about 4.4 million square feet, one of the biggest speculative industrial developments in Northern California in years.
A third, 1.1-million-square-foot building, one of the largest speculative industrial buildings in Northern California, is also part of the first development phase, and still unspoken for.
The second development phase will start late this year and encompass three buildings totaling 1.6 million square feet.
The transaction with Prologis allows the buyer “to enjoy a fair profit on their investment going forward while providing CT with a sizeable return and well ahead of schedule,” CT Realty Managing Partner Carter Ewing said.