LBA Logistics Buys Sacramento Industrial Property

LBA Logistics has acquired 3771 Channel Drive, a 624,356-square-foot warehouse/distribution center in West Sacramento, Calif., from Sacramento Foodco Investors, in what is the largest industrial sale of 2019 so far.Colliers Sacramento represented both parties in the transaction, while Newport Real Estate Services’ President Glen Allen served as asset manager for the seller, orchestrating a multimillion-dollar restoration of the property.“It’s inarguably one of the best submarkets in our region,” Tommy Ponder, Colliers’ vice president, told Commercial Property Executive. “We’re seeing a lot of institutional money circle our market as one of the last places for affordable property and value-add opportunities like this.”This was a private sale, with Colliers coming up with a list of 20 logical buyers, from which five offers emerged.