Renovations to 300,000-square-foot Investment Property Will Move it from Class C to Class A
IRVINE, Calif., Oct. 29, 2018 (GLOBE NEWSWIRE) -- The Bendetti Company, a Southern California commercial real estate investment company, recently acquired a vacant industrial building located at 3689 Industrial Blvd. in Sacramento, Calif. — centrally located just 10 minutes from downtown. Just two months after acquiring the asset, The Bendetti Company secured Goodwill Industries as its first long-term tenant leasing more than 50 percent of the space—proving both the firm’s business plan and market assumptions correct. Bendetti’s vision for the project, along with the property’s prime location were key to attracting such a desirable first tenant. The firm now plans renovations designed to take the building from an older and less-desirable Class C rating to a Class A rating, with high-quality infrastructure that commands the best tenants.
The Sacramento property was chosen strategically based on its location, which is easily accessible just off the 80 Freeway, and surrounded by flourishing industry. Goodwill will lease 170,000-square-feet of the building with its part retail/outlet, part warehouse facility. The location is ideal for the Goodwill model, with access to major freeways as well as space for loading merchandise. The rest of the building remains available for lease, with renovations set to wrap up in early 2019.
“Securing a tenant like Goodwill highlights the flexibility of the Sacramento property and also reaffirms that this was the right time for our company to make the purchase,” says Aaron Weaver, CFO of The Bendetti Company. “We’ve found a successful niche in focusing efforts on middle market transactions, which are often too large for private investors and institutions. We typically focus on deals between $7 million to $40 million in the United States, so this was right in our sweet spot.”
Renovations are underway to give the 300,000-square-foot property a major facelift including changes to the building’s façade, landscaping, parking lot, roofing and safety features. Improvements also feature additional parking spaces and Early Suppression Fast Response (ESFR) sprinklers, which provide higher levels of protection than standard systems.
“Clean landscaping, convenient parking and top of the line safety systems are some of the most key features tenants consider when leasing an industrial space,” says The Bendetti Company managing director, Jared Christensen. “We’re certain these updates will be a heavy value-add to the existing property.”
The Bendetti Company has also made recent acquisitions in Denver, Colo. and Salt Lake City, Utah. Turnpike Business Park in Denver is an 188,077-square-foot business park with grade-level loading and prime visibility. Salt Lake City’s Broadbent and Redwood Business Parks consist of eleven high-quality multi-tenant industrial buildings totaling 199,007-square-feet. The two properties feature desirable unit sizes, low office build-out, grade-level loading and ample parking.
To learn more about The Bendetti Company and its recent deals, visit www.bendetti.com.
ABOUT THE BENDETTI COMPANY: The Bendetti Company is a Southern California-based commercial real estate company which focuses on the investment and management of commercial properties in the western U.S. Founded in 1964, The Bendetti Company looks for value-add or Core Plus investment opportunities to achieve superior risk-adjusted returns for clients and investors. For more information, visit www.bendetti.com.
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