KETTLEMAN CITY, CA—The FedEx freight terminal in Kettleman City, Calif. has been sold to an unnamed 1031 exchange. Marcus & Millichap arranged the $21.4 million net-leased sale.

“The facility was completed earlier this year and has a 29-year absolute triple-net lease that is guaranteed by FedEx Corporation,” said John Glass, senior vice president of investments in Marcus & Millichap’s San Francisco office. “A unique financial structure added to the attractiveness of this investment opportunity.”

The FedEx property, located at 33104 25th Ave. is an 89,880-sq.-ft. freestanding building.