United Grocer’s Warehouse – Tracy

One of three distribution warehouses purchased and leased back to a regional wholesale and retail grocery chain with less than investment grade credit. Substantial value enhancement was achieved by Seagate through credit augmentation and the subsequent resale of the wholesale division to a much higher credit parent company and by securing entitlements for an additional 500,000 square feet of buildings on the excess developable land. Seagate subsequently developed, leased, and sold a 285,000 square foot warehouse on the surplus land.