An industrial building which once house a Fed Ex ground facility in Stockton has sold for $10.45 million.
Dermody Properties, a company owning distribution, e-commerce and manufacturing sites throughout the U.S., purchased the location at 4730 Fite Court, which is 143,888 square feet off Arch Road, east of Highway 99 in Stockton.
“Dermody Properties has made significant strides at growing their footprint in the Central Valley and proved to be the best buyer to bring in, figure out this somewhat complicated transaction given the existing tenant, underlying sublease and other property related matters, and close on this well-located, quality asset,” said Jim Martin, SIOR, of Lee & Associates Stockton, who represented Dermody Properties in the transaction.
“This is further testament to how our Lee offices are able to execute assignments and work in partnership to provide excellent service to our customers,” Martin went on to say.
The seller was Stockton MAG, LLC., who was represented by Martin and Craig Hagglund, SIOR, of Lee & Associates Oakland.