Deal Closed: Sacramento, CA

We are excited to announce that Westlake has closed on its first industrial outdoor storage (IOS) acquisition: 1441 Richards Blvd, a 40,184 square-foot infill IOS site located in the heart of Sacramento’s rapidly transforming Richards Boulevard corridor.

This off-market opportunity came to us after a prior buyer fell out of contract, allowing us to step in quickly at the same below market price, which was subsequently reduced by $100,000. The property’s in-place rents are significantly under market, and strong tenant demand presents a clear mark-to-market path. At stabilization, we project a 9.5% yield on cost supporting a 24% gross IRR and 2.15x equity multiple over a four-year hold.

The Richards submarket is among the most supply constrained industrial corridors in Sacramento, recording a 2.9% vacancy rate as of Q3 2025. With major redevelopment underway, including the 244-acre Sacramento Railyards, the new Kaiser Permanente Medical Center, and the forthcoming Sacramento Republic FC stadium, IOS tenant demand continues to intensify. Our basis of $21 per land square foot, well below recent trades in the submarket, positions us exceptionally well for long term value creation.

We want to extend a special thanks to our family, friends, and partners for their continued trust. The raise for this deal was completed quickly, and we are grateful for the enthusiasm and support that continues to propel the growth of our IOS investment platform.