Sioukas Investments and others sold $12.77 million worth of lots along Metro Air Park’s southern edge last month. That land, sold in two separate transactions to River Rock Capital, is zoned for highway commercial uses.
The sales capitalize on fresh momentum for Metro Air Park, a planned 1,900-acre development immediately east of Sacramento International Airport, according to Sioukas Investments’ principal Dean Sioukas. Online retail giant Amazon.com is well underway with construction of an 855,000-square-foot distribution warehouse within the park, on land bought last year from Sioukas Investments.
“It’s in the perfect position now,” Sioukas said. “We’ve been talking about the strength of Sacramento and how it’s on the radar for companies elsewhere now.”
The property in the sale is immediately north of where Interstate 5 bends to the west, before the airport and the Sacramento River crossing. It’s also both east and west of a planned interchange with the freeway and a north-south road called Metro Air Parkway. The interchange, which will be paid for through development fees, is likely to be the next visible project connected to the park and should get underway this year.
Alex Sioukas of Sioukas Investments said the interest from investors now endorses the initial planning for Metro Air Park, over 30 years ago. Well-known developers including Buzz Oates, Frank Ramos and Alex and Dean’s father Jack Sioukas had a vision for the project that couldn’t even imagine something like the emergence of e-commerce, they said.
Since then, the project has been largely dormant through several recessions as well as a building moratorium over flood concerns, but is now becoming reality, Alex Sioukas said. “All the planning does pay off,” he said. “It’s a well-planned master park.”
According to property records, Jack A. Sioukas/Gus C. Gianulias Trustees sold seven parcels of about 120 acres to River Rock Capital LLC for $11.5 million. Separately, Bayou Watt 22 Partners sold another three parcels in the southwest corner of the site, totaling just over 8 acres, to River Rock for $1.274 million.