CBRE Global Investors acquired a 29.3-acre site in Tracy, California, where it plans to build a state-of-the-art logistics center with Trammell Crow.
The real estate investment management firm has plans to build a 606,343-square-foot cutting-edge distribution facility on behalf of one of its investment funds on the site located at 1205 East Grant Line Road, The Registry reported.
CBRE will partner with Trammell Crow Company to develop the facility, with work on the project scheduled to begin in early 2022 and an estimated completion date of the first quarter of 2023.
The center will feature 40-foot clear heights, 185-foot truck courts, 56×60-foot column spacing, LED and sky lighting and an ESFR sprinkler system. The developers are also exploring the possibility of including ESG features like electric vehicle charging, solar panels and battery storage.
“This project presented a unique opportunity to acquire a permit-ready development site in a dynamic Northern California market, which is a location that we believe is well-positioned to meet the growing demand for high-end logistics space,” Gary Jaye, Head of Americas Logistics Operator Division for CBRE Global Investors told The Registry. “The world has changed dramatically over the last few years, and the rise of e-commerce and consequential need for logistics that can keep pace is set to continue.”
HPA is serving as the project’s architect of record, and Big-D Construction is the general contractor.
Other similar projects are underway across the country. Amazon is adding another distribution center to its Long Island properties. Turnbridge Equities and Dune Real Estate are also constructing a distribution center in Hunts Point, Bronx.
CBRE recently brokered a deal for FremantleMedia — the company that produces “American Idol” among other shows — to lease 43,000 square feet of Captiva Partners’ Reframe Studios in Atwater Village.
The firm is also in the process of assisting self-storage company All Storage to find potential buyers for a sale that could net over $1 billion.
[The Registry] — Victoria Pruitt