- Thursday, March 20, 2014
- Stockton, CA
Seefried Properties and USAA Acquire Fresh & Easy Industrial Properties
This month, USAA Real Estate Company and Seefried Properties acquired two industrial properties in Stockton formerly owned by Fresh & Easy Neighborhood Grocery. The total square footage of the two (2) buildings was roughly +/-915,000 square feet. Seefried will serve as the developer and/or landlord representative for the existing buildings.
The larger of the two properties, a 750,561 square foot distribution facility has a 20,000-sf freezer space and 190,000-sf cooler space. The building also features 500,000-sf of dry storage space, 32,000 sf of office space, placed in three distinct locations, 33-foot clear heights and 3 percent skylights. The building, at the time of construction, was considered one of the most energy efficient warehouses in Northern California based on its design. The 5-year-old building, which was never occupied by Fresh &Easy, includes 15 acres of expansion land to accommodate over 411,000 sf of additional space, and an additional 16 acres of excess land that can be developed or sold.
The other building is a 165,000 sf warehouse and distribution facility featuring 500 square feet of office space, 28 dock doors, 30-foot clear height, and ESFR Sprinkler system. In addition, there are roughly 2.5 acres of excess land that can be utilized for future parking or outside storage.
"We have an excellent relationship with USAA and have collaborated on multiple transactions around the country with the firm," said Jason Quintel, senior vice president of the Western Region for Seefried Properties. "USAA and Seefried believe both properties in this under-served area will attract various types of tenants and users due to the great flexibility of each property."