Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to offer for sale 6221 West Lane in Stockton, CA. The 52,000 SF office asset (“Property” or “Asset”) is 100% net leased to the County of San Joaquin (S&P: AA), who accounts for ±90% of the base rent, and Delta RE, LLC, a premier operator of Kings Card Club. Commencing September 1, 2021, the County of San Joaquin has executed a brand new 15-year lease with ±$5M of tenant improvements currently underway. With immediate proximity to Interstate 5 and State Route 99, the Property is easily accessible with a highly desirable central location.
The offering not only offers investors growing, investment grade cash flow, but also boasts a strategic location within California’s Central Valley Region, one of the fastest growing real estate markets on the West Coast.
- ±90% of the base rent is attributable to the County of San Joaquin (S&P: AA)
- San Joaquin executed a fresh, long-term lease that will have 15 years remaining
- The building has ±$7 million ($135 PSF) of capital investment year-to-date
- The Central Valley is one of the fastest growing real estate markets on the West Coast
- Stockton office vacancy has declined ±200 bps over the last five years
- Net lease pass-through structure, offering investors limited responsibilities