The industrial property located at 1130 Sibley Street in Folsom, spanning 7.03 acres, was acquired by Leo Addimando and Matt McNutt of Alterra Property Group for $6.7 million. The transaction was facilitated by brokers Mike Zimmerman and Sean Merold from JLL. The property measures 19,234 square feet with a price per square foot of $348.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $6,700,000
• Buyer: Leo Addimando & Matt McNutt - Alterra Property Group
• Seller: Syblon Reid
• Brokers: Mike Zimmerman & Sean Merold - JLL
• Market: Folsom

Philadelphia-based Alterra Property Group's branch, Alterra IOS, completed the purchase of the construction yard in Folsom for $6.7 million. The acquisition included a 10-year leaseback agreement with construction firm Syblon Reid. This transaction signifies Alterra's entrance into Sacramento's industrial market, highlighting the ongoing challenge of securing industrial spaces in Folsom.