Manteca’s second highest valued property has been sold.

The 2,041,722 square-foot CenterPoint Business Park on Airport Way at Roth Road has been sold for an undisclosed amount.

Firms leasing the four buildings are 5.11 Tactical, Amazon, Penske Logistics (Lowe’s Home Improvement distribution center) and Crothall Laundry.

The four entities combined employ roughly 800 workers.

Colliers brokers handled selling the CenterPoint Properties holding to EQT Real Estate, a global real estate investment organization.

The 2024 San Joaquin County  property tax roll assigned an assessed value of $160 million to the CenterPoint Business Park.

The buildings have a rough average age of 5 years.

And given the lease terms with the diverse tenants have a weighted average lease term of 3.21 years and 41% below market rents, it is likely the property sold for significantly more than the assessed value that has had annual increases capped at 2 percent under Proposition 13 sold for signicantky more.

The first buiilding completed in 2015 for Crothall Laundry has been on the property tax rolls for 10 years with annual value increases constrained under Proposition 13.

Councilman Charlie Halford can tell you why that matters to Manteca residents.

Tracy, with a large number of distribuition center properties, has had a number resold.

In doing so, it bumps up property tax recepits of which a city sees roughly 17 percent.

That means with a $20 million jump in assessment based on a sale that resets the Proposition 13 base line assessement, a city woould receive an additional $27,000 a year.

“With no new speculative development currently underway in the Manteca market, this portfolio presented a rare and advantageous opportunity to acquire a best-in-class portfolio below replacement cost,” said Michael Kendall, U.S. Capital Markets Board of Advisors, Industrial Lead.

“As we expect to see an uptick in activity by the end of this year, the buyer is now well-positioned to capitalize on increased demand for quality industrial product. We’re thrilled to have crossed the finish line with such a successful outcome for all.”

In the first two quarters of 2025, the Colliers Central Valley Industrial and Capital Markets Teams have represented CenterPoint in the disposition of three million square feet, valued in excess of $350 million across the Lathrop and Manteca submarkets.

“It was a pleasure to have represented CenterPoint in the largest industrial sale ever in the Manteca submarket and one of the largest in San Joaquin County history,” said Michael Goldstein, Vice Chair & Executive Managing Director for Colliers in Stockton/Central Valley. “EQT made a great partner, which contributed greatly to a highly successful transaction for both parties.” 

In order to become the highest value property in Manteca, the CenterPoint sale would have had to esclipse the $197.5 million assessed value of the 500-room Great Wolf indoor weater park reosrt.

Third on Manteca’s top property values list is the 450-unit The Atherton apartments.

The complex to the east of Bass Prp Shops has an assesment of $71.3 million.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com