Nearon Enterprises Lands $30M Refi for Sacramento-Area Asset

Completed in two phases in 1997 and 2007, Dixon Commerce Center underwent a cosmetic renovation in 2019. Image courtesy of CommercialEdge.

Nearon Enterprises has obtained $30 million in refinancing for Dixon Commerce Center, a 447,042-square-foot industrial asset in Dixon, Calif. CBRE secured the fixed-interest, non-recourse loan through PNC Bank, according to CommercialEdge data.

Nearon Enterprises purchased the warehouse in 2015 from Giraffe Holding for $26.8 million, the same source shows. In 2018, the property became subject to a $18 million CMBS loan, with Wells Fargo Bank as a trustee.

Completed in two phases—in 1997 and 2007—the distribution center underwent a cosmetic renovation in 2019. The one-story building features 27.5- to 32-foot clear heights, 30 dock doors, two grade-level doors, sky lights, insulated ceiling and approximately 425 parking spaces.

The State of California has been the sole tenant of the property since 2010. The owner has recently negotiated a lease extension.

Dixon Commerce Center is at 2299 Commerce Way, in Eastern Solano County. The 26-acre site is near the intersection of State Route 113 and Interstate 80, which provides direct access to downtown Sacramento and San Francisco.

Executive Vice Presidents Shaun Moothart, Bob Ybarra, Nick Santangelo and Jim Korinek, Vice Chairman Bruce Francis and Senior Vice President Doug Birrell led the CBRE Capital Markets Debt and Structured Finance team in securing the financing.

Another CBRE team has recently represented Invesco Real Estate in the sale of an approximately 1.4 million-square-foot, two-building industrial portfolio in Jacksonville, Fla. Hillwood Investment Properties acquired the Class A cross-dock bulk distribution buildings.