Catellus plans to close on the deal early this year, says Ray Pittman, senior vice president of Catellus.
The park, which Catellus will call EastGate, eventually will have 3.5 million sf over the next five to 10 years, Pittman says. The company could start construction on a 400,000-sf distribution warehouse as early as this year.
Pittman says the distribution center will be market driven.
"I'm not saying we will have to have a 1% vacancy rate to go ahead, but we will be watching the market closely," Pittman tells GlobeSt.com.
The sale is being handled by Fuller and Co. brokers Jeff Roemer and R.C. Myles.
"EastGate is at Main and Main, in my opinion," Roemer tells GlobeSt.com.
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