We are excited to announce that Westlake Realty has closed on 10547 E Stockton Blvd, a 24.48-acre industrial outdoor storage (IOS) facility in Elk Grove, California. Prior to closing, we executed a long-term lease with one of the largest construction materials suppliers in the country for the entire improved portion of the property.
The Heavy Industrial-zoned site includes three warehouse buildings totaling 67,881 square feet, two covered canopies, and 12.5 acres of improved yard, with an active Union Pacific rail spur and frontage along Highway 99. The remaining 11.9 acres at the rear of the site are unimproved.
Elk Grove is the tightest industrial submarket in the Sacramento region, with 1.5% vacancy, and IOS vacancy within five miles of the property is 0.3%. The city has grown from 59,000 residents in 2000 to more than 185,000 today, and roughly 6,400 housing units are planned or under construction nearby, which drives demand from the construction suppliers and contractors that sites like this serve.
I want to extend a special thanks to my team (Lino Campanile, Stew Cedarleaf, Brandon Rowell) and our investment partners for their trust and support. I would also like to express my gratitude to Jeff Smith and George Mack of Cresa and Sean Merold, SIOR, CCIM, Jimmy Landis, and Mike Zimmerman of CBRE for their work on this deal.
