Former Campbell's Soup Property in Sacramento Secures $13M Loan
The 127-acre, primarily industrial center in Sacramento that was once home to Campbell's Soup just secured a $13M loan through Mission Capital Advisors as the site is redeveloped as a multi-tenant business park for industrial, office and potentially future retail development. Mission Capital arranged for the floating-rate loan from a private specialty finance lender.
A JV of Hackman Capital Partners and Rabin Worldwide purchased the 100% vacant, 1.1M RSF property at 6200 Franklin Blvd in 2013, repositioning it as the Capital Commerce Center and quickly leasing 60% of the property to major tenants, says Gregg Applefield of Mission Capital, who, along with Alex Draganiuk and Lexington Henn, represented the JV in securing the financing. Campbell's Soup first developed the property in 1947 and used it as a major food manufacturing plant until its sale in 2013.
The site still has about 500k SF of vacant space and additional developable land that can accommodate more than 1M SF of additional build-to-suit, state-of-the-art industrial or distribution facility space, making it attractive for industrial, office and retail tenants, Mission Capital notes. The potential of the property, which is near major roadways and mass transit and has water rights and utility costs subsidized by an on-site solar field, drew a lot of interested capital providers, Alex says.