A sale-leaseback deal involving a nut producer and a real estate investment trust is viewed as a positive sign for future investment demand in California's fifth-largest city.
Stag Industrial, based in Boston, bought the 233,840-square-foot industrial facility at 2624 E. Edgar Ave. in Fresno, California, for roughly $30 million, or about $128 per square foot in July 2022, according to CoStar data. The sale-leaseback deal won a CoStar Impact Award for sale of the year in Fresno after being selected by a panel of local industry professionals.
The seller was Caro Nut, a subsidiary of Candor-AGS, and a supplier to Costco and Hormel, among others. The firm occupies the warehouse and leased back the space as part of the deal, which ranked as one of the largest real estate transactions of the year in Fresno, and reflects the growing interest from institutional capital in the city's market.
About the Project: Real estate investment trust Stag Industrial bought a roughly 233,000-square-foot industrial building at 2624 E. Edgar Ave. in Fresno, California for around $30 million, or about $128 per square foot.
What the Judges Said: "The creativity of the broker to contact a real estate investment trust and create the dialog showed initiative," said Junus Perry, owner of Premium Commercial Group. "This transaction allows the city to maintain its tax base, keeps the employees working and gives the company the financial resources to grow. In addition, the REIT is receiving an acceptable return on their investment. This is a win for all."
They Made It Happen: Newmark's Jordan Alleva and Carter Lear.
