Riverside, Missouri-based NorthPoint Development has bought 60 acres for industrial development in West Sacramento’s Southport area, in the company’s first foray on the West Coast.
That development is planned to start within weeks, with two spec buildings of 244,408 and 163,308 square feet on Ramos Drive, according to brokerage Colliers International Sacramento.
Mark Demetre, one of two Colliers brokers on the deal, said the sale represents a turning point for the local industrial market.
“The bottom line is our little industrial market is getting legs and getting good interest from institutional investors,” he said. “They believe doing speculative, ground-up development is a lucrative investment.”Continue Reading...