Another piece of property in Metro Air Park in Sacramento County has taken the next step toward development, with a late May sale to NorthPoint Development.
The Riverside, Missouri-based development group bought about 85 acres on Power Line Road just south of where it meets Elverta Road for $15.8 million, according to property records.
While a representative of NorthPoint wasn’t immediately available, a company Western region partner said earlier this year that NorthPoint planned to buy more land, and build more large-footprint distribution/warehouse buildings on it.
“More trailer stalls, lots of employee parking,” said Geoff Griffin of NorthPoint in March, describing speculative buildings of around 250,000 square feet. “We’ll target local firms who like the logistics locations.”
Records show Valley Oak Industrial LLC as the seller for those 85 acres. Alex and Dean Sioukas of Sioukas Investments said they along with other partners brought on in recent years were the sellers.
“It’s one of our last large industrial holdings in Metro Air Park,” said Alex Sioukas. “The interest level was good, and it stayed good through the pandemic.”
Todd Sanfilippo of CBRE Sacramento helped broker the land sale on the seller’s behalf.
Sioukas Investments and its partners are now turning their attention to land holdings around an interchange under construction at Interstate 5 and Metro Air Parkway. With a growing employee base in Metro Air Park, Dean Sioukas said, there’s a need for services, such as restaurants, retail and hospitality, to serve those employees and tenant companies.
“Now we’re 100% focused on bringing services to the employees and tenants, as well as to serve the airport,” he said. The interchange, set for completion in upcoming months, would be the last exit for northbound I-5 travelers before the airport.
Alex Sioukas said they’re also working on adding some regional draws to that commercial area, to not only catch passing traffic but even make that part of Metro Air Park a destination on its own. Beyond that, the brothers said, they’re hopeful of seeing developments for flex office/industrial space as well as corporate centers like the Centene Corp. (NYSE: CNC) campus to the south in Natomas.
Though not a local firm, NorthPoint in recent years has quickly emerged as one of the most active players in Metro Air Park, the 1,900-acre commercial development immediately east of Sacramento International Airport.
The company’s first foray was a 1.13 million-square-foot distribution center completed last year farther south on Power Line Road, believed to be for Walmart Inc. (NYSE: WMT). NorthPoint also owns or plans to buy land between the distribution center and the land it just purchased on Power Line Road, according to Sioukas Investments.