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Visalia’s MidState 99 development gets new owner

November 8,2017

Hawaii-based Alexander and Baldwin (A&B) have sold the 796,204 square foot industrial complex in the Visalia Industrial Park called MidState 99 to Fresno-based G4 Enterprises Ltd. for $33.4 million.

The sale was announced November 21 that seller A&B says was based on a“unsolicited offer” by the G4 Enterprises group. According to the Secretary of State, G4 Enterprises Ltd is located at the same Fresno address as other various partnerships that include the Parnagian family, owners of Fowler Packing.

Screen Shot 2017-12-06 at 7.42.46 AMA&B bought the 4-building Visalia industrial complex in 2008. Today, it is 100% leased having just renewed one lease to International Paper for 252,000sf. The buildings are located at 2235 N Plaza.

Originally the MidState 99 complex, tilt-up concrete buildings, was built by BJ Perch for the Allen Group. The various buildings along Plaza Drive add up to 2 million square feet but this particular complex dates from 2008.

Richard Allen founded the Allen Group in 1981 and developed several large industrial projects in Visalia, Shafter and in Texas. They include Imperial Cup, later sold to International Paper who still run it today in Visalia. Allen also brought in VF Corp to Visalia, today one the towns largest employers.

In 2012 Allen declared bankruptcy over dealings in Texas, affecting investments in Visalia.

One example is a new 402,00sf development just completed in Visalia at Riggin and Rd 76, land once owned by Allen. Fresno’s  Diversified Development Group (DDG) led by John Brelsford who bought this land and a second 34 acre parcel at Plaza and Riggin through BofA that the bank ended up with from Allen.

Brelsford's spec development

Brelsford’s spec development

Today Brelsford says he will build a second phase of “spec buildings” next March in Visalia at Plaza and Riggin after completing the current  20 acre spec project with two of the three buildings already leased out.

Honolulu-based A&B  was originally a big sugar grower and processor on Maui. Today, no sugar is grown for processing on the island with the big A&B processing plant closing in December 2016. Today, A&B is working on a plan to grow energy crops on some the 36,000 acres they own as well as various other the ag projects including a grass-fed beef operation.

A&B recently spun off a sister company include Matson Navigation Co., Watson Integrated Logistics and Matson Global Distribution Services. Back in 2008 A&B announced the MidState acquisition was part of a strategy to acquire logistics real estate to “diversify the portfolio” says spokesperson Darren Pai. Today the strategy has changed. “We look to invest in the place we call home,here in Hawaii” says Pai. That includes both ag and real estate investments.

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