MODESTO, CA—Duke Realty has purchased the 726,299-sq.-ft. warehouse distribution building here, occupied by Conagra Foods Inc., for an undisclosed sum.
Jones Lang LaSalle represented the company in the purchase from HRC Modesto LLC. Conagra, a packaged foods company, has occupied the building since it was constructed more than 10 years ago, and leases the facility through 2018. The building is situated close to Highway 99 and is also served by rail.
Chris Burns with Duke said the Central Valley is a major distribution hub for Silicon Valley and San Francisco. “Northern California’s Central Valley continues to attract strong credit tenants looking for Class A bulk distribution facilities and remains a key target for our Western portfolio,” Burns said in a statement. Kevin Ahaesy, Jason Ovadia and Bob Taylor with JLL handled the transaction.