Panattoni sells part of Natomas Advanced Logistics Center to Eiger Capital
Saturday, February 3rd 2024
A fully leased industrial property completed within the last two years has sold to a boutique investment firm in real estate properties.
Developer Panattoni Development Company Inc., along with capital partner PCCP LLC, sold 3950 Duckhorn Drive in Sacramento’s Natomas area to a buyer led by Eiger Capital.
“The sale was a part of the plan for the project,” said Abbie Wertheim, a development manager for Panattoni’s Sacramento region office, in an email.
According to sales records, an entity called Duckhorn Industrial Investor LLC bought 3950 Duckhorn Drive for $24.3 million on Jan. 31. The 122,000-square-foot industrial building is fully leased with three tenants: Home Depot, solar power company Sunrun, and logistics company Jillamy.
In a news release announcing the sale, Eiger Capital is described as boutique private capital real estate firm investing in core and value-added strategies. The company is based in Australia and specializes in small company investments, according to its website. Eiger did not return a message sent through its website.
Rebecca Perlmutter of CBRE National Partners worked on behalf of the seller in the deal. Zac Sweet and Todd Sanfilippo of CBRE’s Sacramento office represented the property for leasing.
A 2021 construction permit for 3950 Duckhorn Drive by Alston Construction Company Inc. estimated the project cost at $14.4 million.
Panattoni developed a neighboring industrial building at 3900 Duckhorn Drive, of about 63,572 square feet. The buildings together are known as Natomas Advanced Logistics Center, but Panattoni still owns 3900 Duckhorn.
According to Wertheim, 3900 Duckhorn Drive is also fully leased. Nivagen Pharmaceuticals, a generic prescription drug company, occupies at least part of that building.
Last year, the Sacramento Business Journal recognized Natomas Advanced Logistics Center in its annual Best Real Estate Projects awards.