Manteca is located south of Stockton and offers easy access to Highways 120, 99 and Interstates 5 and 205.  We own three buildings in Manteca. Our initial investment was in July 2011 at 1278 DuPont Court in the Manteca Business Centre. The Class “A” freestanding concrete tilt-up was purchased for below replacement value and has been leased for all but two months of our ownership.

In 2017, we purchased an off-market opportunity at 1246 Vanderbilt Circle, a project that offers freeway visibility on Highway 120, yard space, and multiple docks. During escrow, we negotiated a favorable lease with the existing tenant.  Finally, in 2018, we purchased a multi-tenant property at 1162 Bessemer Avenue that was fully leased but at well below market rents. As in other markets, this type of product has not been constructed in over 15 years and vacancy hovers in the low single digits. We will continue to mark to market rental rates with each lease renewal.