Ridge Capital Inc. buys 290 acres in West Sacramento’s Southport Business Park
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Investor buys 290 acres in West Sacramento business park
Sacramento Business Journal by Sanford Nax, Staff Writer
Date: Friday, June 22, 2012, 9:52am PDT
A Mill Valley investor has bought around 290 acres of remaining developable land within the troubled Southport Business Park in West Sacramento, and plans to sell parcels off to individual buyers.
The commercial realty firm of Jones Lang LaSalle helped Ridge Capital Inc. with the purchase from a bank [Bank Midwest, N.A.].
Ridge Capital plans to sell entitled parcels ranging in size from three to 116 acres. Parcels can accommodate buildings from 20,000 square feet to 2 million square feet, according to a news release from Jones Lang LaSalle.
Terms of the deal were not disclosed.
Southport Business Park is considered one of the premiere industrial business park sites in the greater Sacramento area, and sits within a State Enterprise Zone offering state tax credits and deductions.
Its proximity to the intersection of Interstates 80 and 5 in West Sacramento has attracted tenants and owners such as Safeway, HD Supply, NorCal Beverage, Ply Gem, DBI Beverage, Old Dominion Freight, NorCal Produce, Cal Sierra Express, Jacmar and Nippon Shokken.
Strict development standards help make sure that Southport will remain a great location for many years to come, according to Jones Lang LaSalle.
The park is fully entitled and improved. Building permits simply require an easy design review process in advance of a submission to city planners.
Matt Lofrano, Bill Niethammer, Mark Demetre and Mike Zimmerman of Jones Lang LaSalle’s Sacramento office represented Ridge Capital in the purchase, and also will advise in the future development of the land.
Southport was developed by Ramco Enterprises, but was owned by Summit Commercial Properties Inc. from 1998 until Simmit ran into financial difficulties in 2011.
Also from the Sacramento Business Journal – November 4, 2011:
West Sacramento foreclosing on business park