Prime Distribution Services Renews 312,000 SF in Stockton, CA
11 Jan, 2013, Stockton, Calif.
Commercial real estate services firm Cushman & Wakefield, Inc. and Gilbert Commercial LP have completed a 312,000-square-foot lease renewal on behalf of Prime Distribution Services (PDS) at 1919 Boeing Way in Stockton, Calif. PDS, a provider of warehousing, cross-docking, packaging and multi-vendor freight consolidation services, was represented by Andrew Briner of Cushman & Wakefield's Oakland office and John Gilbert with Dallas-based Gilbert Commercial LP. Landlord LBA Realty was represented in-house by Don Shaver.
"After evaluating alternative options throughout Northern California, reaching an agreement to stay in their current facility proved to be the most efficient solution for the company's immediate space requirements," said Briner.
"We searched a 30-mile radius and found this to be an excellent facility that meets Prime Distribution Services' needs in every way," said Gilbert, who has represented the company's parent Roadrunner Transportation Services on a long-term basis. "We are also pleased to be able to continue to work with the landlord."
The single-story industrial building at 1919 Boeing Way totals 546,000 square feet on 29 acres and is presently 100 percent leased. The Northern California property is situated adjacent to I-5, "the main trucking artery on the West Coast stretching from Mexico to Canada," according to Briner. "This facility's proximity to I-5 and other major interstates enables PDS to continue to provide superior results to their clients."
"The Central Valley distribution market continues to show signs of recovery, particularly for larger buildings. With only three existing buildings in San Joaquin County that can accommodate a 400,000-square-foot requirement and only one that can accommodate a 500,000-square-foot requirement, users continue to have limited options for large blocks of space."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the U.S. alone, this group completed more than 6,100 industrial real estate transactions - totaling 225 million square feet - with an aggregate value in excess of $6.5 billion.